- The S&P 500 (-2.49%) dropped aggressively today; only 6% of stocks closed in the green as the VIX jumped to 22
- Today left a lot of damage on the charts; all four major U.S. equity indices broke horizontal support levels and closed near lows
- All four major U.S. equity indices now have bearish intermediate postures and are trading below their falling 30 day moving averages
- With tomorrow’s options expiration on the horizon, all four major U.S. equity indices now have a “3 Red Arrows” signal
- Once again, Low Volatility was the leader on the Factor Selector and Low Size was the laggard (confirming the market’s risk-off status)
- Somewhat strangely, long-term interest rates (which the FOMC does not directly control) fell today; the 10-year Treasury Yield closed at 3.45%
- U.S. government bonds (strongly bullish intermediate posture) took on their more-traditional role of safety and advanced by 0.15% today
- Foreign bonds fell by 0.61% and High Yield bonds fell by 0.90%, as they are perceived as riskier than U.S. government bonds
- Bitcoin fizzled 2% today as it bounced down and away from its falling 30 day moving average; it closed near $17,300
- Foreign stocks fell in-line with U.S. stocks today; Foreign developed stocks (-2.55%) remain above their 30 DMA but Emerging markets (-2.31%) do not
- All eleven sectors fell today, but it was Energy that managed the best with a loss of just 0.61%
- Communications was the worst sector (-3.90%) and has now closed below its 30 day moving average for the first time in over a month
- Our trade application example featured selling a cash-secured put on Tyson Foods Inc (TSN) due to the stock now being more attractively-price possessing a 3% dividend yield (rare for it) and also displaying an oversold weekly cluster using the Market Forecast indicator
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Here's the intro of today's #MarketOutlook video from @MarketScholars
— 𝐁𝐫𝐚𝐧𝐝𝐨𝐧 𝐕𝐚𝐧 𝐙𝐞𝐞 (@BrandonVanZee) December 15, 2022
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Mentioned: $SPY $SPX $QQQ $IWM $RUT $DIA $TLT $TNX $UUP $GLD $USO $EEM $EFA $TSLA $BTC $GS $DHI $LEN $VZ $NFLX $DIS $PGR $HYG $PHM $VIX $BNDX $TSN pic.twitter.com/BdatRfp4XG
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