- The S&P 500 closed lower by 0.40%; however selling was mostly isolated to select mega-caps, while 53% of components actually closed higher
- All major U.S. equity indices continue to have strongly bearish intermediate postures, according to the Market Forecast technical indicator
- All major U.S. equity indices continue to trade below their falling 30 day moving averages
- The Dow closed lower by 0.03%, the NASDAQ closed lower by 0.76%, and the Russell 2000 closed lower by 0.60%
- Gold had another impressive day; it rallied 0.84% to new multi-month highs and continues to have a strongly bullish posture
- Oil struggled (-3.52%), but it has continued to hang on to its bullish posture for the time-being
- The 10-year Treasury Yield fell to 3.79%; it is currently sitting a little above its rising 30 day moving average and has a bullish posture
- U.S. government bonds (bearish intermediate posture) rose 1.91%, but are still trading below their 30 day moving average
- The U.S. Dollar rose 1.08% a day after producing an oversold cluster, but it remains in an intermediate down-trend with a bearish posture
- Foreign stocks outperformed their U.S. counterparts today, despite the Dollar strength
- The Energy sector (-3.51%) was the day’s worst, as all Energy stocks in the S&P 500 closed in the red
- The Communications sector (+1.29%) was the strongest, but remains below its falling 30 day moving average
- The Financials, Communications, and Industrials sectors have weakly bullish postures; all else are strongly bearish
- Our trade application example featured selling a bear call spread on Linde (LIN) due to its support break-down today and a shift in its Near-Term posture to bearish
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Here's the intro of today's #MarketOutlook video from @MarketScholars
— Brandon Van Zee (@BrandonVanZee) January 4, 2023
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Mentioned: $SPY $SPX $QQQ $IWM $RUT $DIA $TLT $TNX $UUP $GLD $USO $EEM $EFA $TSLA $AAPL $NEM $NVDA $TSN $WMT $PG $AMZN $TGT $DE $META $GOOGL $LIN pic.twitter.com/bZ3Sh92Oq5
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