Market analysis for Feb. 6th, 2024

Yesterday was a solid day for most all of our positions, save NVDA. It continues to push so...we'll continue to adjust. We are getting closer and closer to earnings release and that should provide some relief on our buying power requirements as I.V. drops.

The markets were soft yesterday and look to start today off on the same foot. Technicals are still bullish.

Weakness was fairly well dispersed across the board...save for NVDA. 

We don't have any planned, major news catalysts for today.

We continue to sit near our ATH's on all the major indices, with the exception of the RUT/IWM. This interest rate sensitive index continues to have headwinds with interest rates rising again 

The 2 hr. charts give us a better view of the current action.

We are at the same level today on /NQ as we were on Jan. 24th. We are at the same level on /ES as we were on Jan. 29th. There's substantial resistance going on here. A clean break higher and a hold above these levels is needed for bulls to continue this upward journey, otherwise, a reversal is starting to look more likely. 

Intraday levels for me:  /ES: 4963/4971/4979/4997 to the upside. 4957/4944/4937/4933* (key level. drops us back into the chop zone) to the downside.
/NQ: 17767/17798/17846/17866 to the upside. 17635/17599/17554/17502 to the downside.