Stock Market Weekly update -Feb 5th

 We saw another nice rally last week bringing the SPX up to the next potential resistance level around 4200. Could now eventually move up to the 4300 level, the Aug high, or stall in this area after a big run. 

The long term weekly 'downtrend' from the January 2022 high continues in the SPX (weekly 20MA line). Tho price finally broke above that downtrend line for a 2nd week.  

Less  likely now, but this weekly trend could also eventually take us down to the pre-Covid highs of early 2020! The DOW & the Small-caps have already touched that level and rallied back up (see pics below).

NYA (NYSE composite) & IWM (small-caps): -IWM rallied.
The Dollar popped a bit, while the 10yr Rate was flat.
Gold dropped! Oil dropped too.
Bitcoin/Crypto was mostly flat.

Pops & Drops:   SOFI popped


  S&P 500 weekly -now up for a 2nd week above the weekly downtrend line




DOW -leading up

S&P500

NASDAQ


1/1/23:  Indexes vs Pre-Covid early 2020 highs -the DOW already got there & reversed


Market concerns:   Inflation, Rising Rates, Russia/Ukraine
Over $31 Trillion in debt!  See Debt Clock on the left, or here... 

New all time highs:  BSX, CRUS, JBL, ON, MBLY, REGN, STLD, and more

Options watch:   S&P 500 Implied Volatility  (CBOE VIX) -holding near the lows.
ETFs SPY, IWM, QQQ, SQQQ/TQQQ, VIX/VXX, XLF, XLE,  EEM,  GLD/SLV,

Stocks AAPL, AMZN, TSLA, META, NVDA...

Next week:      
MTWThuF
Earnings:
BP, CMG, ENPH, VRTXCVS, DISABBV, PEP, PYPL
Events:



This week's charts: 


10/30 blog: The US Dollar -topped?

 -Rallied last week!



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