Closing Market Report: Jan. 29th, 2024

Today's market was sleepy and boring right up until the last hour when the algos decided to take the S&P futures for a rocket ride. Nevertheless, as we see below breadth has not even budged throughout the duration of this latest march higher.

Advance-declines were solidly positive today on both exchanges, which means the market will be back to overbought going into FOMC which begins tomorrow and ends Wednesday.

Once again, the Tech sector lagged today and failed to confirm the S&P's new all time high.

So far there are four Hindenburg Omens on the Nasdaq in 2024.

Ahead of tomorrow's after-the-close earnings report, Microsoft made a new all time high today:

Bond yields are at critical support ahead of the FOMC:

In closing, the Dow Theory divergence keeps growing wider and wider.