Market Recap for Thursday, February 8, 2024
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TraderMike 5 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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