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U.S. stock market remains stuck near all time highs as Congress and the White House squabble over March 1st spending cuts.
The U.S. stock market and its major indexes drifted sideways for yet another week as economic reports were mixed and the clock ticks towards the sequestration deadline of March 1st. Stock market participants remain complacent as VIX, the CBOE Volatility Index, remains near historic lows and major indexes remain overbought. The next two weeks are likely to provide a catalyst, one way or other, for future directional moves.
As described, the stock market remains overbought and momentum has slowed dramatically after the recent run up. Volume remains low and daily moves are extremely tight, suggesting a lack of commitment to push the market higher.
Furthermore, stock market breadth is beginning to weaken as the percent of all stocks above their 50 and 200 day moving averages is in decline and various breadth indicators are turning down…
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