- The S&P 500 had a strong rally of 1.10% and closed near the highs of the session after a well-received GDP print
- 72% of stocks in the S&P 500 closed in the green; advancing volume outpaced declining volume by over 2-to-1
- All four of the major U.S. equity indices have a strongly bullish posture
- The tech-heavy NASDAQ was the day’s biggest winner with an advance of 1.76% (on the back of good performance from AAPL, MSFT, etc.)
- The Russell 2000 broke out to multi-month highs with an advance of 0.67%
- Both the NASDAQ Composite and the Russell 2000 closed with an overbought cluster on the Market Forecast
- The Dow Jones Industrial Average was once again today’s laggard with an advance of just 0.61%
- The Dow Jones Industrial Average is the only major index to not be trading above a rising 30 day moving average (its still barely falling)
- The Energy sector was roaring higher today upon news that Chevron raised their dividend and announced a $75billion stock buyback program
- The Consumer Staples were out of favor once again on a relative basis, due to risk appetite seeking more exciting areas
- All four major U.S. equity indices have a “3 Green Arrows” signal
- As of now, the Dow Jones is the only major index to have a bullish 10/40 weekly crossover; the Russell 2000 and S&P 500 could join them shortly
- If you’re a Premium member of Market Scholars and looking for more content beyond this condensed free Market Outlook video, you’re welcome to watch my 3.5 hour class from earlier today where we touched upon a number of investing topics important to our clients: https://www.marketscholars.com/event/brandons-weekly-qa-session-254/
About Brandon Van Zee
Brandon is a co-founder of Market Scholars, where he builds portfolios while teaching daily interactive online classes and is a host of the Market Outlook YouTube video. His focus is on dividend growth investing, top-down trend trading, and put selling. He has been in the financial services industry and investing his own portfolios since 2000. Prior to Market Scholars, he was an Investment Instructor and Subject Matter Expert (SME) for dividend investing at TD Ameritrade’s education division, Investools. There he taught webinars, conducted in-person workshops, and helped write their Income Investing course material along with the scoring system used for dividend stocks. He was also the host of the Dividend Depot podcast and the Market Forecast YouTube video, along with writing for The Ticker Tape magazine and Coaching Corner blog. Other roles he has held in the financial industry include: Dividends/Reorganizations Specialist(RBC Wealth Management), Assistant Trader(RBC Global Asset Management), Head Trader(Provident Capital Corp), and Investment Specialist(TD Ameritrade). Brandon spends his free time traveling and enjoying summertime mountain activities(hiking, fishing, camping) with his wife and son.
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