EB Daily Market Report - Friday, March 1, 2024

Dear Members.

We've got a new month and new record levels on both the S&P and NASDAQ as traders continue to put their money to work in the market.

In the case of the NASDAQ, it's taken over two years for it to get to a new high while the S&P has printed its own new high. Only the DOW has fallen short of its record high on February 23. Even oil is at its highest level since November of last year, not wanting to be left out of the party. And we've seen Crypto advancing as well as money is spread across different asset classes.

It's been an incredible run off of the October 27, 2023 lows with the S&P gaining 25% in the past four months and with the NASDQ up 30% over the same period of time. With new record levels, what might come next? Assuming the market holds its gains into the close the next logical level on the S&P is 5150. There's no telling where the NASDAQ might go since it is now in new territory. Perhaps 16,300 is a level to watch if the buying continues.

Tom will be back with his Weekly Report on Monday.

At your service,

John Hopkins