The Federal Reserve replaced the word 'patient' with an economy that is data dependent and serves the same purpose. Interest rates will not go up anytime soon.
The stock indexes are anticipating the Federal Reserve to continue patience and no rate hike in their FOMC communique on Wednesday.
Expect volatility after the Fed's open market committee statement next Wednesday as traders position for a possible rate hike.
As anticipated, the stock indexes traded higher on Thursday from an oversold signal on Wednesday, although the volume was very light.
For the second day in a row, stocks fell and are now in oversold territory before the release of the U.S. Retail Sales number on Thursday
The DJIA and the S&P 500 stock indexes are red for the year 2015 while the Nasdaq 5000 is history for now.
Friday's jobs number release will be a market moving event one way or the other. Stocks could see continued downward pressure on a poor number.
With the S&P 500 down five out of the last six trading days, expect to see some bounce over the next day or two.
The three stock indexes continue to set new all time highs as they bring the Nasdaq along for the ride.
February was a good month until the last trading day, with a lower close on increased downside volume.