February 5 saw a continuity of the bullish ride in the market and Dow Jones continues to support the prices of stocks. Tech and Consumer Discretionary were the strongest sectors today, with financial and real estate falling back.
The Dow Jones Industrial Average [DJI] surges by 0.68% from 25,287.93 to 25,411.52. This surge was worth 172.15 points. Since January 3, the index has been bullish from 22,686 and has not fallen prey to the bear.
Boeing [BA] contributed to the high of Dow Jones by 2.5% gain. Boing is planning to boost the production rate on its 737 jetliner to 57 per month June, from the current 52 per month. The company is also partnering with Aerion, a startup to develop a supersonic passenger Jet, reported Investors Business Daily.
As the price of the U.S. crude oil fell 1.5% to $53.76 a barrel, the energy sector reflected a weakened strength. Horizon Pharma [HZNP] crossed the 22.79 buying point of a cup with handle base and is within the buy range. The stock shows a positive sign as it showcases a significant strength line at new highs.
Covanta [CVA], alternative energy company had a break out of a double-bottom base with a 16.79 buy point. Similarly, Masimo [MASI], a medical equipment energy company broke out of a cup without handle and rose past the 126.99 entry, however with a low volume.
A Twitter user @hourlytrend informed the users about Dow Jones performance in a tweet saying:
“Weekly Dow Jones with volume (green) and ATR 1,2,3. Noted the volume was low at the double top compared with the double bottom #happy trading 🤝”
While other Twitter user, @Glitch4201 made an interesting observation:
“The Dow Jones is geometrically creating the inverse of our 2008 financial recession. Like i said. Our algorithms are unmatched. A new era of TA has arrived.
Being wrong is part of the trial and error process to achieve success. Watch and see… “