Dow Futures and S&P 500 continue to push up; registers considerable upward momentum in February

Dow Jones saw considerable movement over the past week, with S&P 500 and Nasdaq also following the same trajectory. All three indices ended a mildly bearish movement coming into the new year with a surge that helped them rally to their best levels since December 2018.

Dow Jones Industrial Average

Source: Trading View

Dow Jones Industrial Average [DJI] climbed by 0.26 percent to end the week at 25,063.9. The bullish rally that materialized on January 29 has consistently supported the index, with DJI climbing consistently from 24,519.6. The first day of February saw the index climbing 479 points to close at 24,998.7, after touching the 25,000-mark a day earlier.

Gonebroke_, a twitter user, commented:

“Beautiful PA on the #dow. Price swept the stops at 25200 before being rejected. A UTAD has formed with a confirmed h4 bull div. We should see some fireworks come Monday open, expecting a move to the lower TR before markdown commences.”

Another user, JasonKuruvilla1, said:

“Happy 4th #birthday to my youngest daughter, Norah! The #dowjones during her life has been up 44%.”

S&P 500

Dow Futures and S&P 500 continue to push up; registers considerable upward momentum in February

Source: Trading View

S&P 500 index also saw a volatile market since the start of the month, and surged 0.09 percent to reach 2,706.5 over the past week. After recovering from a short-term low of 2,443.9 on January 3, the index has been on a consistent bull run, climbing 263 points over the course of a month to its yearly high on February 1.

A Twitter user, MacroSymbols, commented:

“#sp500 has had a very impressive bounce that has taken it into some pivotal levels. 2713 is the 61.8% fib level which bear markets tend not to go back above. The 100dma also there which capped the market 3 times in Q4. How market handles these will be telling.”

Another user, Robert Edwin, said:

“#SP500 The situation is after the Fed so bullish that one should almost be suspicious… But we are still below 2709 (61.8 fibo), below MA50 week & MA200 day, so it could go up a bit before the bears take over: Buy the rumor, seell the fact Buy the mystery, sell the history.”

Stocks which gained considerably over the past week were Fabrinet [FN], Vertex Pharmaceuticals [VRTX] and Zendesk [ZEN] while, Alexion Pharmaceuticals [ALXN], Tableau Software [DATA], Paycom [PAYC], and Spirit Airlines [SAVE] are all in the buy zone this week.

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