- The S&P 500 (+0.10%) barely budged today (ending a 4-day losing streak); breadth was pretty evenly divided with 53% of components in the green
- Despite all major U.S. equity indices closing a smidge higher, all now have strongly bearish intermediate postures
- The S&P 500 and Dow Jones Industrials have an upsloping 30 day moving average, but its downsloping for the NASDAQ and Russell 2000
- The Dow closed higher by 0.28%, the NASDAQ closed higher by 0.01%, and the Russell 2000 closed higher by 0.54%
- The 10-year Treasury Yield jumped fairly aggressively for its second straight day; it remains with a bearish posture but is now yielding 3.68%
- U.S. government bonds (strongly bullish intermediate posture) responded to interest rates by falling 1.78% and sit right atop their rising 30 day moving average
- The U.S. Dollar fell 0.68% to multi-month lows; it now has an oversold cluster signal and remains below its falling 30 day moving average
- Commodities bounced in light of a weaker Dollar; gold (+1.66%) ended at its highest closing price in several months while oil (+0.23%) bounced more modestly
- Foreign stocks were mixed today; developed foreign stocks were up 0.40% but emerging markets were down 0.03% (both have weakly bearish postures)
- Health Care stayed atop the Sector Selector and other defensive sectors (Staples & Utilities) showed an improvement; growth sectors faltered in the rankings
- All sectors now have bearish Market Forecast intermediate postures
- Energy was today’s best performing sector; it was up 1.51% as it rallied alongside oil prices
- Consumer Discretionary was the day’s worst sector (-1.16%), on account of the huge impact Tesla has on it; TSLA is suffering through its worst month/year in history
- Our trade application example featured selling a bull put spread on Newmont Corporation (NEM) due to the gold mining stock’s nice bounce up and off of its 30 day moving average; it also has a bullish Near-Term Divergence signal
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Here's the intro of today's #MarketOutlook video from @MarketScholars
— Brandon Van Zee (@BrandonVanZee) December 21, 2022
Watch the full video for free here:https://t.co/RIVl3531fk
Mentioned: $SPY $SPX $QQQ $IWM $RUT $DIA $TLT $TNX $UUP $GLD $USO $EEM $EFA $TSLA $DIS $AAPL $XOM $CVX $RGLD $GDX $GOLD $AEM $SCHW $NKE $FDX $NEM pic.twitter.com/pwUE7FJD6E
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