Market Recap for Thursday, February 8, 2024

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SwingTradeBot 10 months ago

What are your thoughts on 'today's (2024-02-08) market action?

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TraderMike 10 months ago

The standout thing to me today is the strength in the Russell 2000.  It's made the index trend table turn all green (aside from its ADX / Directional Movement cell).  Strength in the small caps is really needed to get more stocks above their 50-day moving averages.  The "% of Stocks Above Their 50-Day Moving Averages" (see chart above) being under 50% while the S&P is cruising to new highs really makes me nervous.  I'd really like to see more broad based participation.  Perhaps today was a start to just that.

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