Keep riding the S&P 500’s momentum because the chart is so strong

By Lawrence G. McMillan, MarketWatch

AFP via Getty Images

The S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.81% is making new all-time highs once again. It’s accompanied by all the other major stock-market indexes too – the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.46% , the NASDAQ-100 /zigman2/quotes/210598364/realtime NDX -1.68%   /zigman2/quotes/208575548/composite QQQ -1.60%  and the Russell 2000 /zigman2/quotes/210598147/delayed RUT -1.93% /zigman2/quotes/209961116/composite IWM -1.92% . These charts remain positive with upward momentum. Their moving averages and “modified Bollinger Bands” are moving higher. The S&P has not closed below its rising 20-day moving average since the beginning of November.

When the SPX chart is this strong, one needs to retain bullish positions and stay with the upward momentum.

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S&P 500 Index

US : S&P US

3,870.29

-31.53 -0.81%

Volume: 2.28B

March 2, 2021 5:08p

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Dow Jones Industrial Average

US : Dow Jones Global

31,391.52

-143.99 -0.46%

Volume: 341.28M

March 2, 2021 5:08p

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NASDAQ 100 Index (NASDAQ Calculation)

US : U.S.: Nasdaq

13,059.95

-223.00 -1.68%

Volume: 579,628

March 2, 2021 5:16p

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Invesco QQQ Trust Series I

US : U.S.: Nasdaq

$ 318.40

-5.19 -1.60%

Volume: 48.37M

March 2, 2021 4:00p

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Russell 2000 Index

US : US Composite

2,231.51

-43.81 -1.93%

Volume: 1.81M

March 2, 2021 4:30p

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iShares Russell 2000 ETF

US : U.S.: NYSE Arca

$ 221.72

-4.35 -1.92%

Volume: 26.90M

March 2, 2021 8:00p