Editor's Note: This article was originally published in John Murphy's Market Message on Thursday, January 31st at 12:34pm ET.
Chart 4 shows the Consumer Discretionary SPDR (XLY) trading above its 200-day line in today's trading. That a positive sign for the economically-sensitive sector and the market. It's usually a good sign for both when cyclical stocks are leading it higher. Chart 5 shows the Biotechnology Index ($BTK) also trading above its 200-day line. That's giving a boost to the healthcare sector and the Nasdaq market. Interestingly, defensive stock groups like consumer staples are also having a strong day. That's likely the result of falling bond yields.