“Day In Review” February 27, 2026. #Wyckoff

The broad market continues to trade in a sideways range following the recent advance. SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ) both remain within well-defined trading ranges after their February rebounds. Price action suggests the market is digesting prior gains with support holding near the lower end of the range while resistance overhead continues to cap rallies. The Wyckoff indicators show mixed but stabilizing conditions, suggesting institutions may still be accumulating shares as the market attempts to build a new base for a potential move higher.

Individual leadership continues to appear selectively across sectors. Enbridge Inc. (ENB) has shown persistent relative strength as the stock continues to trend higher following a prior accumulation phase, reflecting steady demand for energy infrastructure names. GigaCloud Technology Inc. (GCT) remains in a developing trading range after its prior markup phase, where the recent pullback toward support may represent a backup action that will help determine whether the prior advance can resume.

Healthcare giant Merck & Co., Inc. (MRK) continues to show constructive behavior within an established uptrend channel. The stock remains above its prior breakout zone following a Jump and Backup sequence earlier in the advance, suggesting institutions may still be supporting the trend despite short-term consolidation.

Disclaimer: This report is for educational purposes only and should not be considered investment advice. WyckoffSMI and affiliated entities may hold positions in securities discussed.