Closing Market Report: Jan. 30th, 2024

The market closed flat today, however for a change the Dow was firmly green while big Tech was firmly red.

After hours, Microsoft beat while Google missed. So far, the price reaction for Microsoft is flat, while Google is down.

Today, Financials were bid ahead of the FOMC decision. It's not clear why since Financials have peaked in January for the past three years.

I would point out that Emerging Markets rolled over a year ago and have been making lower highs. The same divergence took place in 2021.

If the Fed turns hawkish again tomorrow, we can expect EMs will implode. Overnight, Chinese markets got monkey hammered again ahead of the Fed, particularly Hong Kong.