- The S&P 500 (+0.7%) had a reasonably impressive rally, with a broad-based advance that resulted in 73% of stocks closing in the green
- The S&P 500, Dow Jones Industrial Average, and the Russell 2000 are now trading above their falling 30 day moving averages
- All four of the major U.S. equity indices now have a weakly bullish intermediate posture, according to the Market Forecast indicator
- All four of the indices also closed within a hair of their intraday highs, which is generally perceived bullishly
- The only index to not have a “3 Green Arrows” signal is the NASDAQ Composite, due to it still trading below its falling 30 day moving average
- The 10 Year Treasury Yield bounced back to 3.62% today, but it’s posture remains strongly bearish
- Bonds fell across the board today with the rebound in interest rates, but the High Yield bond category is now trading above its rising 30 day moving average
- Gold continues to be one of the workhorses in this market; it was up 0.37% today and hit yet another multi-month high
- Oil was flat today but remains below its falling 30 day moving average and has a strongly bearish posture
- Bitcoin had a nice day; it closed at nearly $17,500 and has a strongly bullish intermediate posture and has an uptrending 30 day moving average once again
- Emerging Markets (+0.72%) have been among the stronger asset classes while the U.S. Dollar has been weakening; they hit 3-month highs today
- Industrials are back at the top of the Sector Selector; Real Estate finds itself in the basement
- Technology and Health Care are the only two sectors with bearish intermediate postures
- Communications (+1.51%) was the day’s best sector; Consumer Staples (-0.13%) were the worst
- Our trade application example featured a bear call spread on Intuit Inc (INTU) due to its bearish intermediate posture and its bounce down and away from its falling 30 day moving average on a day of vast underperformance versus the broad market today
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
Here's the intro of today's #MarketOutlook video from @MarketScholars
— Brandon Van Zee (@BrandonVanZee) January 11, 2023
Watch the full video for free here:https://t.co/fBnMZrUSjY
Mentioned: $SPY $SPX $QQQ $IWM $RUT $DIA $TLT $TNX $UUP $GLD $USO $EEM $EFA $TSLA $AAPL $NEM $NVDA $WMT $V $AMZN $UPS $DE $META $GOOGL $NOBL $INTU pic.twitter.com/OyMOxcQFR3
Visited 1 times, 1 visit(s) today
You must be logged in to post a comment.