Stocks Are Surging on February 5 As The Bulls Run Once Again

ADP Job Report, and ISM Non-Manufacturing data later this morning.

S&P 500 (SPY) 

Stocks are adding to their gains on February 5, with the S&P 500 Futures rising by another 80 basis points to 3,325. The big news here is that the S&P 500 has successfully taken out some key levels of resistance along the way. The next significant level of resistance doesn’t come until the all-time highs at 3,336.

 

The rally isn’t just taking place in the US, but once again around the globe, with markets up in Europe and Asia.

Oil 
Even oil is very close to a significant reversal here, potentially sending it back to $54.

 

Micron (MU) 

Micron is rising once again, and the next level for the stock appears to be at $58.66.

 

Intel (INTC)

Intel is rising today and continues to bounce after filling the post-earnings gap. Remember, we have seen some bullish betting in this stock in recent days, with the next level of resistance around a price of $69.

 

Amazon (AMZN) 

Amazon is trying to get over resistance at $2,060; if it can manage to hold above these levels this morning, the next level to look for comes around 2,134.

 

Disney (DIS)

Disney is rising some but not much, despite strong quarterly results and impressive subscriber numbers for Disney+. The next region of resistance appears to be in the $147 to $148 area.

 

Netflix (NFLX)

Meanwhile, Netflix continues to push higher, and we saw some more bullish betting in the stock yesterday, with the potential for the shares to push higher towards $385.