Carmen Miranda became trapped as the image of a fruit dancer. Even her attempt at a break-out role failed to change movie producer’s minds. Carmen was pegged as the “Brazilian Bombshell” in the Tutti-Frutti hat.

Can the same be true about the market?

Samba-ing its way to new highs, the Dow Jones Industrial hit 20,837.44.

Tuesday night, Trump will address congress. Whether he wears or doesn’t wear his now trademarked red cap, all will be watching to see if he has trapped himself in his image as a “constant campaigner.”

Can Trump score a breakout role as one who can push a “bold agenda?”

Miranda proved to be a hit on Broadway, though her image was that of a foreign bimbo because she didn't know English.

The market has already proven to be a hit on Wall Street.

However, will its image with many investors remain as a bimbo that rallies on promises rather than tangible reforms?

Everybody in the Modern Family came in happy today.

The Russell 2000, although did not make new highs, had a strong performance.

Once again, IWM came close to the top of the monthly channel. Timing is auspicious as well. Tomorrow is the last day of February. Should IWM close out the month over 140-140.50 chances are good we will see more upside.

If it fails 139, I would take that as a sign the market craves more than window dressing.

Transportation (IYT) gained. Yet, as the sector most likely to react well should real infrastructure changes occur, the price remained below the key inflection point-171.15.

Retail (XRT) traded inside the trading range of last Friday. The good news is that it crossed back over the 200 daily moving average and into an unconfirmed warning phase.

With XRT’s inside day, a move back over 44.20 not only takes it over Friday’s high, but back above the 50 DMA as well. A failure of 43.50 would be equally ominous as IWM failing 139.

Biotechnology (IBB) was the tutti frutti with booty. The flower on the strawberry gelato.

After writing over the weekend that “IBB held right in the price zone it needed to. That makes it easy. Under 285 worrisome. Over 290-291 should take it back to spongy,”

291 came and went as this closed up the most among all the Modern Family sectors, clearing its way to new 2017 highs.

Right up until the night she died, Carmen Miranda, always the entertainer, danced, sang, skirts whirling, eyes rolling, with hips and hands in constant motion.

Perpetual motion was a Miranda trademark. Can we continue to patent the market the same way?

S&P 500 (SPY) 240 still in focus with 235.40 support

Russell 2000 (IWM) 139 is the pivotal support number to watch end of month. 140-140.50 resistance.

Dow (DIA) 206.50 key support.

Nasdaq (QQQ) 129.50 support

KRE (Regional Banks) Through 58 should continue up, provided it holds 57.00

SMH (Semiconductors) 77.50 key resistance level with 76.50 support

IYT (Transportation) 171.15 key to clear and 168 support to hold

IBB (Biotechnology) 300 has been resistance. Now, 291 is the first area of support.

XRT (Retail) 42-43 ultimate support-over 44.20 would be remarkable

IYR (Real Estate) Over a 5-month base so looks pretty good

GLD (Gold Trust) Did you take profits around 120? 118 now support

SLV (Silver) 17 pretty much max risk with 17.50 strong resistance

GDX (Gold Miners) Noted that it was weak last week-today if fell over 5%

USO (US Oil Fund) Amazingly sideways. Could be cup and handle. Could be bear flag-hard to say

XOP (Oil & Gas Exploration) Inside day on the 200 DMA

TAN (Solar Energy) Could see 19.50. 18.50 now support

TLT (iShares 20+ Year Treasuries) First sign I’ve seen in awhile that rates could rise again

UUP (Dollar Bull) 25.80 support 26.25 resistance