- The S&P 500 was down 2.5% during the day, but managed to close lower by just 1.45%; only 17% of its components closed positive
- The VIX rallied to 22, but closed well off its highs above 24
- All major U.S. equity indices continue to have strongly bearish intermediate postures, according to the Market Forecast technical indicator
- The Russell 2000 is currently the only major index trading below its falling 30 day moving average (30 DMAs are rising for the others)
- The Dow closed lower by 1.05%, the NASDAQ closed lower by 2.18%, and the Russell 2000 closed lower by 1.29%
- Low Volatility continues to lead on the Factor Selector; Low Size continues to lag
- The 10-year Treasury Yield slipped modestly to 3.66%; it is currently sitting right at the falling 30 day moving average and has a weakly bullish posture
- U.S. government bonds (weakly bearish intermediate posture) closed below the 30 day moving average for the first time in over a month
- The U.S. Dollar rose 0.14%; this is its second bounce day after its oversold cluster, but it remains with a strongly bearish posture
- Gold fell 1.21% and oil fell 0.53% with the Dollar’s strength; both have bullish intermediate postures
- Bitcoin was flat at $16,800; it trades just shy of its falling 30 day moving average and still has a strongly bearish posture
- Foreign (developed and emerging) stocks outperformed U.S. stocks today, but continue to have weakly bearish postures
- All sectors closed lower today and all sectors have a bearish intermediate posture
- Discretionary (-2.57%) and Technology (-2.52%) were the day’s worst sectors; Health Care (-0.14%) and Staples (-0.23%) were the best
- Our trade application example featured selling a cash-secured put on Target Corp (TGT) due to the Dividend King showing a weekly oversold cluster signal as it approaches the undervalued zone of the Market Scholars Dividend Stairstep chart
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Here's the intro of today's #MarketOutlook video from @MarketScholars
— Brandon Van Zee (@BrandonVanZee) December 23, 2022
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Mentioned: $SPY $SPX $QQQ $IWM $RUT $DIA $TLT $TNX $UUP $GLD $USO $EEM $EFA $TSLA $AAPL $FDX $NEM $PEP $VIX $MU $NVDA $TSN $WMT $PG $KR $AMZN $TGT pic.twitter.com/K3TPmdS09z
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