President’s Day in the United States celebrated on the third Monday in February i.e. 15 February 2021, honoring George Washington’s Birthday, the first president of the United States.
Nearly half of the state governments have officially renamed their Washington's Birthday observances as "Presidents' Day", "Washington and Lincoln Day".
George Washington was born on February 22, 1731. In the 1880s, the birthday of Washington, a commander of the Continental Army during the American Revolution and the first President of The United States was first celebrated as a federal holiday.
In 1968 Congress passed the Uniform Monday Holiday Bill, which moved several federal holidays to Mondays.
In 1971, Washington’s Birthday was renamed as Presidents’ Day to honor the birthdays of both Washington (February 22) and Lincoln (February 12); although Lincoln’s birthday was celebrated in many states, it was never an official federal holiday.
We are currently in a lower, less volatile up trend relative to its recent past. What might this be telling us, and what might be a game plan for the upcoming week?
Where might the markets go from here?
After last Mondays open, the market moved higher on the day right into our established first level resistance area, and continued to do so for the remainder of the week. And while this is true for the most part, we did have a few days of indecision, especially on Wednesday where the markets took a very deep early morning nose dive, perhaps shocking most traders, only to be bought up, ending the day only down slightly. After another indecision day on Thursday, by Friday, the bulls were especially in control, and by the close had put in the strongest day of the week.
Last week I had wrote, "As of this weeks close, we are now near some resistance. It will be interesting to see how next week plays out, but my guess is that perhaps the markets will settle into some type of range between current support and resistance over the next several weeks. If this premise plays out, volatility will then likely come out of the markets, giving us some consolidation for a solid move higher by the end of February."
^^ This is precisely what is taking place, although I had somewhat expected a move lower last week first to happen, more than it did. In any case last week did demonstrate sideways consolidation as volatility, for the most part, has now come out of the markets as of the weeks end. This being the case, it wouldn't surprise me if we may now get a push higher once again into some resistance for the upcoming 1 - 2 upcoming weeks. Will this actually play out? Only time will tell.