Stocks jumped and the VIX Volatility Index slumped as the S&P 500 Index did its best Groundhog’s Day movie impression with a repeat of yesterday’s rally of at least 1%.
All four major U.S. stock market indices rose over 1%, with the Dow Jones Industrial Average edging the NASDAQ Composite as the day’s best gainer (+1.57%).
The intermediate posture of the four stock market indices remains bearish, but they are all once again trading above their 30 day moving averages with this two-day boost.
All four stock market indices have a mixed set of arrows with green arrows being registered on the moving average and red arrows currently showing on the MACD and Stochastic.
Emerging markets look stronger than developed foreign markets. And crude oil looks stronger than gold. Energy retained the top spot on the Sector Selector, while Utilities remained the cellar-dweller. At the same time, the U.S. Dollar continues to work on an impressive bullish reversal pattern.
Bonds sold off today in favor of riskier assets like stocks and Bitcoin.
The Discretionary sector was up over 2% and received interesting news after the bell with Jeff Bezos stepping down as CEO of Amazon.
Our trade application example featured selling a bull put spread on Apple Inc (AAPL) has it has now bounced up and off of its rising 30 day moving average and once again has a bullish Near-term posture.
Get market insights, stock trading ideas, and educational instruction over at the Market Scholars website.
Stock Market Video – News, Analysis & Insights for February 2
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.
