Since we're about to start a new month, I thought it's only fitting that we look at some monthly charts today. All of this "March Madness" has created a lot of nervousness and insecurity about which way the markets are going. So, I thought maybe if we pull our focus out a bit, get a bigger picture, we can proceed the new month with more confidence.
Nasdaq:
In Nasdaq's monthly chart, we actually see that it has behaved very well within the boundaries of an up-trend for years. There are areas where it tested the lower boundary, including this past week, but, it bounced back quickly. The monthly MAs are still going up strongly with the 10- above the 20-, above the 30-month MA. The uptrend is still intact!In the daily chart, however, we still need to see that 30-day MA turn up!
The 20-day MA is curving up nicely!What about the SOX? 
The semiconductor sector, basically, have done a whole lot of nothing for years. But, notice that the monthly BBs have been narrowing, and they have gotten to a point where, I think, breakouts may be possible in the next few months. On Friday, we also heard that Stifel Nicolaus upgraded the semiconductor sector. Is this the first of many upgrades to come? We'll have to wait and see.
SPX (SP 500):
SPX's month chart is still showing the MAs going up. Although it looks toppy, but, if the new month brings it right back to the upper BB, the whole picture becomes very bullish again!
MDY (mid-caps):
Now, this is where this money has been, is, and might still be going! We can see that since April of 2003, this thing has been climbing, and climbing, along the upper BB. Even with the recently sell-off, it still came out with a nice gain in March. Now, it is, again, hugging the upper BB, and, with the 10-month MA curving up even more! So, it might be a good idea to check out some of its top holding!
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