Morning Market Report: Feb. 6th, 2024

So far the market is flat this morning. The Dow is outperforming the Nasdaq for a change. Breadth is strong on both exchanges.

On the hourly chart we see that the Nasdaq is camped at a double top deja vu of July:

There are now seven Hindenburg Omens on the Nasdaq in 2024 through Friday.

The H.O. indicator hasn't updated for yesterday yet, but it's highly unlikely to have triggered again as new highs are falling back to zero. Below 100, the Hindenburg Omens stop.

And the signal comes to fruition.