Stock Market Signals Bullish As Small Caps Remain Strong

The S&P 500 Index broke its 6-day win streak as it fell 0.11%, but it managed to touch an all-time intraday high of 3918 earlier in the session.

Meanwhile, the Russell 2000 Index and small cap stocks were the day’s biggest winners of the day, posting a gain of 0.40%; the Dow Jones Industrial Average was flat (-0.03%); and the NASDAQ Composite closed above 14,000 for the first time in its history after advancing 0.14%.

All four major U.S. stock market indices touched all-time intraday highs and continue to have strongly bullish intermediate postures according to the Market Forecast.

All four major U.S. stock market indices have “3 Green Arrows” signals on daily charts, and “golden crosses” on their 10/40 weekly moving average charts.

The U.S. Dollar has a weak bearish intermediate posture, but its sitting right atop its rising 30 day moving average and could find a bounce.

Gold rallied today but continues to have a strongly bearish posture; oil has been consistently marching higher for 3 months and still has a bullish posture. U.S. Treasuries and foreign bonds remain in downtrends but are showing small bounces after oversold cluster signals from last week.

Bitcoin held the line today after its record-setting vault yesterday when Tesla announced its major purchase of the cryptocurrency.

Consumer Discretionary replaced Energy at the top of the Sector Selector tool over the past week; Materials has a sizable give-back in the rankings. The only sector to have a weakly bearish intermediate posture is Health Care.

Today’s best sector was Real Estate (+0.45%) and today’s worst sector was Energy (-1.06%).

Our trade application example featured a bullish swing trade on Citrix Systems (CTXS) now that it has off its rising 30 day moving average and is showing a bullish Near-term Divergence signal.

Get market insights, stock trading ideas, and educational instruction over at the Market Scholars website.

Stock Market Video – News, Analysis & Insights for February 9

Twitter:  @BrandonVanZee and @Market_Scholars 

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

Sign up for our FREE newsletter
and receive our best trading ideas and research