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March could come in like a bull but red flags are waving

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March could come in like a bull, but whether the late February rally can run much further remains to be seen.

Key for that will be upcoming economic news, particularly Friday's jobs report, which is the last big piece of data ahead of the Fed's March meeting. U.S. markets could also be sensitive to global reactions to Chinese PMI manufacturing data Tuesday and Europe area inflation data, expected by some to be negative when it is reported Monday.

"Making a short-term call is very difficult because the market made such a run in the last week, and you have a major risk event — Super Tuesday," said Julian Emanuel, UBS equity and derivatives strategist. Wall Street's assumption is that Donald Trump and Hillary Clinton will be the front — runners when votes are tallied in the dozen states and one territory holding contests Tuesday.