Art Cashin on CNBC

Points out that sentiment for the bond and stock markets were pessimistic due to tapering at the beginning of the year.

He’s especially encouraged that stocks moved solidly above technical resistance levels. “No more tiptoeing around. We cleaned out not only the closing high yesterday—now we’ve made an intraday high again today.

S&P 500 Monthly Review February 2014

The monthly chart for the S&P 500 is showing another high and a close above last month’s range. February lows were bought in the first week and continued to rally into the end of the month.

This is also the first monthly close above the opening range.

The monthly outlook is  bullish.

S&P 500 Weekly Review February 17 – 21

The S&P 500 Weekly is showing a close right below the upper Keltner line.  If the market rallies above 1849, new highs will be made, while a sell off could retest 1800 or lower.

This is the second week that the market has closed back in the six month opening range.

The CCT indicator is showing negative divergence or waning momentum in the rally.

The weekly outlook is neutral to bullish.

Analysis of the S&P 500