- The S&P 500 (-0.20%) had a quiet day to snap its four day win streak; breadth was bearish with only 38% of components closing positive
- The S&P 500, Dow Jones Industrial Average, NASDAQ Composite, and the Russell 2000 all have strongly bullish intermediate postures
- All four major U.S. equity indices are trading above their 30 day moving averages; the Russell is trading above its rising 30 DMA
- The NASDAQ Composite (+0.14%) closed green for its seventh consecutive day, but remains a laggard on an intermediate time perspective
- The Russell 2000 (-0.15%) is the new leader from an intermediate perspective and is just a stone’s throw from new multi-month highs
- The Dow Jones Industrial Average (-1.14%) was a major laggard today, due to the heightened impact from Goldman Sachs and Travelers
- All major U.S. equity indices now have a “3 Green Arrows” signal
- Bitcoin has erupted higher over the past week, it was up nicely today as well and has a strongly bullish posture as it breaches 21,000
- The 10 Year Treasury Yield bounced back to 3.53% today, but it remains below its falling 30 day moving average
- The U.S. Dollar rose 0.29%, but it remains stuck in a significant downtrend with a bearish posture
- Gold (strongly bullish posture) was down 0.65% today, but continues to impress with its relentless push higher over the last few months
- Preferred stocks (+1.01%) broke out today; they’ve now been up twelve days in a row, which is highly uncommon throughout history
- Emerging Markets (-0.56%) and developed foreign stocks (+0.31%) were heading in two separate directions today, but both have easily beat the SPX lately
- The only two sectors currently with a bearish intermediate posture are both defensive sectors: Staples (+0.07%) and Utilities (-0.14%)
- Today’s best sector was Energy (+0.21%) and today’s worst sector was Materials (-1.00%)
- Our trade application example featured a bear call spread on T-Mobile Inc (TMUS) due to its bearish Near-Term divergence and its sell-off from an important area of resistance that’s been rejected multiple times in the last few months
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Here's the intro of today's #MarketOutlook video from @MarketScholars
— Brandon Van Zee (@BrandonVanZee) January 18, 2023
Watch the full video for free here:https://t.co/dwitHsvpLH
Mentioned: $SPY $SPX $QQQ $IWM $RUT $DIA $TLT $TNX $UUP $GLD $PFF $EEM $EFA $TSLA $AAPL $NEM $NVDA $BTC #bitcoin $AMZN $GS $MS $TRV $VZ $T $TMUS pic.twitter.com/OAewnZXYxH
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