- 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/
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
01/26/23 - View today's #MarketOutlook from @MarketScholars here:https://t.co/Ji8tj2yqEv
— Brandon Van Zee (@BrandonVanZee) January 26, 2023
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