StockCharts.com’s Your Daily 5: February 1, 2024

Your Daily Five host John Kosar, CMT of Asbury Research begins with a brief recap from our previous February 1st show, where he pointed out that the S&P 500 was situated just above important support at 4819.  John said that a decline below that level would have been necessary to indicate that a corrective decline was underway, but 4819 actually held like a rock. The S&P 500 subsequently rose by 4% to its current all-time high. John also said that the Asbury Six risk management model was negative on February 1st and had been blinking back and forth between positive and negative signals since that time, indicating investor indecision and warning of an upcoming bearish reversal.

  • 00:00 – Intro
  • 02:54 – S&P 500: Watch Underlying Support ($SPX)
  • 04:23 – “Blinking” Asbury 6 Warns Of Trend Reversal
  • 08:23 – SEAF Model “Rainbow Charts:” Money Is Moving Back Into Consumer Discretionary (XLY)
  • 11:11 – Seasonality – The Next 3 Weeks
  • 13:05 – Investor Sentiment – Technology
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