2026-02-02
SPY rose 0.5% to $695 as the market again rallied and gave it all back, a pattern compared to Groundhog Day. GOOG and AMZN were due to report, with job growth expected stable near 70K.
Daily Market Analysis
February 2026
SPY slipped 0.9% to $686 as the market stayed trapped in a horizontal range. Mega-cap tech earnings failed to excite buyers, a 1.5% drop on February 12 tested the 100-day moving average, and a Supreme Court tariff ruling went against Trump. Nvidia earnings sparked no breakout, and price spent more time near the low end of the range.
A complete intraday market analysis for each day is listed below.
2026-02-03
SPY dropped 0.8% to $690 as ISM Manufacturing came in at 52.6, signaling expansion after ten months below 50. A major news cycle of tech earnings and labor data was expected to produce movement.
2026-02-04
SPY fell 0.5% to $686 as steady selling reversed an early gap up. ADP reported 22K January jobs against 46K expected, and the jobs report was uncertain amid a partial government shutdown.
2026-02-05
SPY slipped 1.2% to $678 as heavy selling hit tech stocks and the QQQ closed below the 100-day MA. Google traded lower after earnings, AMZN was due to report, and heavy AI capital spending weighed on valuations.
2026-02-06
SPY rose 1.9% to $691 as momentum waned after QQQ closed well below the 100-day MA. Mega cap tech earnings did not excite buyers, and extreme AI capital expenditures kept valuations stretched.
2026-02-09
SPY rose 0.5% to $694 as the market returned to the middle of its range despite a lot of news. ADP, claims, JOLTs and Challenger were weak, and analysts expected 70K new jobs.
2026-02-10
SPY slipped 0.3% to $692 as the market flirted with the upper end of its trading range. Retail sales came in at 0% against .4% expected, and the jobs report was viewed with suspicion.
2026-02-11
SPY was flat at 0.0% and closed at $692 as 130K jobs were created against 66K expected, lifting the S&P 500 30 points into stiff resistance. Jobs for 2025 were revised lower by 900K, and the data drew skepticism.
2026-02-12
SPY slipped 1.5% to $681 as the market backed off after a better than expected jobs report. Initial claims were 227K and the CPI was not expected to move the needle.
2026-02-13
SPY gained 0.1% to $682 as heavy selling left the market near the 100-day MA after nearly reaching the all-time high. CPI was largely in line, and converging moving averages hinted at fading momentum.
2026-02-17
SPY rose 0.2% to $683 as the market stayed trapped in a horizontal range after a single day drop to the low end. The move was seen as program generated, and sellers were locking in gains at lofty valuations.
2026-02-18
SPY rose 0.5% to $686 as the market probed the 100-day MA a second time and closed above support. The drop to the low end of the range looked purely mechanical, driven by stops and sell programs.
2026-02-19
SPY slipped 0.3% to $684 as the market awaited Supreme Court rulings that might include tariffs. Implied volatilities were not spiking, and economic numbers had been good for over a month.
2026-02-20
SPY rose 0.7% to $689 as advanced GDP showed 1.4% growth against 2.8% expected, and the PCE deflator came in at .4% against .3% expected. The Supreme Court tariff ruling remained a binary event.
2026-02-23
SPY slipped 1.0% to $682 as the market tested the 50-day MA. The Supreme Court ruled Trump lacked authority to impose tariffs under his chosen rule, but other paths remained, so the largely expected outcome moved little.
2026-02-24
SPY gained 0.7% to $687 as the same pattern continued, with weak first moves often stalling and fading. Strong stacked candles on good volume were needed to signal a directional day.
2026-02-25
SPY gained 0.8% to $693 as the market tested the 100-day MA and rallied to the 50-day MA inside its horizontal range. NVDA and CRM were due to report, and a breakout seemed unlikely.
2026-02-26
SPY slipped 0.6% to $689 as NVDA's earnings failed to spark a tech rally given lofty valuations. Initial jobless claims were 212K, and the market remained trapped in a range awaiting a catalyst.
2026-02-27
SPY slipped 0.5% to $686 as NVDA fell after solid numbers and mega cap tech stocks tread water. More time at the low end of the range suggested sellers were keeping a lid on the market.
