-
- The S&P 500® had a quiet day and finished lower by just 0.10%; it achieved an all-time intraday high earlier in the session
- All four major U.S. equity indices currently have strongly bullish intermediate postures, according to the Market Forecast technical indicator
- The Dow Jones Industrial Average fell by 0.29%, but is still within a series of higher highs and higher lows
- The Russell 2000 and NASDAQ Composite are now trading above their rising 30 day moving averages
- All four major U.S. equity indices have “3 Green Arrows” signals and have bullish 10-40 weekly crossovers
- The U.S. Dollar fell for the fourth straight day after producing its overbought cluster signal, but it still has a strongly bullish posture
- Dollar weakness assisted in pushing commodities prices higher; oil was up 1.04% and gold was up 0.80%
- Despite closing higher today, oil now has a strongly bearish intermediate posture and is trading below its falling 30 day moving average
- Gold is looking more robust currently than it has in previous months; it closed above its 30 day moving average for the first time since early January
- In a bit of an oddity, foreign developed market stocks fell by over 1% on the same day that foreign emerging markets stocks rose 0.55%
- With the exception of Energy, most sectors currently have bullish intermediate postures
- Energy continues to have the strongest 3 month performance, but recent progress has stalled out tremendously and is the only sector below its 30 day moving average
- Strong trending sectors include: Real Estate, Materials, Industrials, Financials, and Communications
- Our trade application example featured selling a bear call spread on Marathon Petroleum (MPC) due to its bearish intermediate posture and its bearish Near-term divergence signal; weekly options are being used to avoid their upcoming earnings report
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
Leave a Reply
Your email is safe with us.
You must be logged in to post a comment.