Closing Market Report: Feb. 2nd, 2024

Wowza.

As I wrote earlier today, the manic Tech melt-up went into overdrive, despite collapsed rate cut expectations.

It appears that bulls don't need any reason to party like it's 1929.

Breadth was deeply negative on both the NYSE and Nasdaq all day, so I went back in time and calculated the daily % gain for the S&P 500 to an all time high on NYSE negative breadth.

Today was the record going back to 1980.

Good times.

Ironically, because of Apple, the Tech sector didn't make a new all time high today.

Amazon closed MORE than 3 sigma overbought which has been a sell signal seven times in a row.

Commodities had a no good very bad week:

The Shanghai Composite weekly chart just updated and it closed below the March 2020 lows:

Despite all the hoopla the Nasdaq Composite remains below its all time high of November 2021

And the mighty Dow soars into outer space.