• The S&P 500® ended the week on a sour note, closing down today by 0.62%, which was near the lows of the session
• The Russell 2000 is the only major U.S. equity index that has a bearish intermediate posture according to the Market Forecast technical indicator
• The S&P 500 and NASDAQ Composite have bullish intermediate confirmation signals
• Longer-term Market Sentiment posture is bullish across all four key U.S. equity indices
• The Russell 2000 has a “3 Red Arrows” signal
• All four U.S. equity indices have golden crosses using the 10 week and 40 week moving averages, but the price of the Russell 2000 is now below its 10 week moving average
• The VIX (aka Fear Index) rose today after news hit that Iran had seized a British oil tanker, but its absolute level of 14 remains below typical historical standards
• The U.S. Dollar rose 0.50%, but it remains a hair below a key horizontal resistance area that has been an important congestion area for traders over the last 3 months
• Gold took a breather today, but many of the gold mining stocks continue to be entrenched in strong uptrends
• From a foreign stock market perspective, resource-rich countries like Australia, Canada, Brazil and Russia look decent, but India, Germany and Mexico are more concerning
• From a sector perspective, Consumer Staples remain resilient, but Real Estate finished significantly lower and is at risk of entering a downtrend
• Our trade application example featured buying a long term call on Occidental Petroleum (OXY) due to its outperformance versus the Energy sector this week

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