“In music, the fundamental tone is the lowest, or root, tone of a chord. Without its presence, no true character is established. Our actions in life are as similarly varied and complex as music. Without a thorough grounding, there is no harmony… Everyone wants to be daring, creative, and original. Everyone wants to do things in new ways. But unless we return over and over again to the basics, we will have no chance to truly soar. Do not forget the root. Without it, we can never issue forth true power.” – 365 Tao: Daily Meditations
As discussed in our Weely Outlook Video , for a longer term perspective, we remained focused on where price will close this week and how the action is contributing to monthly developments in the charts. There have been quite a few decent intraday opportunities so far this week but we must not forget that we are at what could end up being a key inflection point and this is why we are so focused on the bigger picture. As usual, we work very hard at simply interpreting what price is telling us and factoring that into the current context without having any particular bias. Naturally, this is easier said than done but we feel that we do a pretty good job at staying neutral.
We’ll leave you with a few updated charts to scan while we wait for the long awaited March FOMC release:
If you are interested in attending a morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.