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Well, that’s that. February is over, and I’m surprised this sentiment meter isn’t reading 100.

Over the past four months, bears have faced relentless pressure, symbolized by the upward trajectory of the monthly S&P 500 cash index.

At this point, I’d simply say “It’s all about the wedge.” Here we see the Nasdaq Composite which, as is the case with many indexes, got close to but did not exceed its lifetime high, and at the same time, is teetering at support where I’ve drawn those wedge lines.

That goes word for word, for the Nasdaq 100.

One sector which is doing absolutely nothing even close to “teetering” is semiconductors which, thanks to the AI obsession, have become the most important sector in the history of homo sapiens. This has been steadfastly following its channel higher ever since the October bottom.

Nevertheless, I emphasize: that it all boils down to the wedge! The major market index stands at a pivotal juncture: will it break upward or downward? Seriously, the expenses for the Gainesville team are skyrocketing.

One last thought I’ll leave with you: this is NOT what the Dow Utility Index looks like at major buying opportunities for equities as a whole.

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