A bunch of interesting things happened yesterday — all of them potentially bullish.
First, the S&P 500 closed at its highest level since February 1. Translation? The early-2018 market crash is pretty much history. In fact, the index is now only 2 percent below its all-time high from January 26.
Next, volatility continues to bleed lower as fear of losing money turns into fear of missing out (FOMO). Cboe’s VIX ended yesterday at 12.04, its third-lowest close since the fear started creeping into the market in late January.
Tuesday may have also featured a breakout from a potential bullish ascending triangle on the S&P 500. It also brought a new all-time high for the Nasdaq-100 index despite a sharp selloff in Netflix (NFLX). Facebook (FB), Amazon.com (AMZN), Alphabet (GOOGL) and Microsoft (MSFT) all closed at new records.
Metals weren’t so lucky. Gold futures (@GC) hit their lowest levels since January 2017. Silver futures (@SI) slid to their worst price since March 2016. Copper (@HG) probed levels last seen in June 2017. That’s consistent with our recent story about mild inflationary pressures.
One other corner of the market with a bullish tone yesterday was Bitcoin (@XBT). The cryptocurrency jumped 10 percent past $7,300 after holding the $6,000 area last month. It doesn’t appear any news triggered the move.