- The S&P 500 sold off 1.53% as Federal Reserve Chairman Jerome Powell testified in D.C.
- The S&P 500 saw 94% of its components close lower; interestingly, the VIX did not have a sharp reaction and settled just under 20
- The S&P 500 has a strongly bearish intermediate posture and is trading below its falling 30 day moving average
- The Dow Jones Industrial Average (weakly bullish posture) was down 1.72% today and is also trading below its falling 30 day moving average
- The Dow has now given back all of its 2023 gains
- The NASDAQ Composite (strongly bearish posture) was down 1.25% today and is trading below its rising 30 day moving average
- The Russell 2000 (strongly bearish posture) was down 1.11% today and is trading below its falling 30 day moving average
- The 3-Month U.S. Treasury Yield surpassed 5% today for the first time in approximately 16 years; many yield curves are extremely inverted
- The U.S. Dollar (strongly bullish posture) had one of its best days of recent memory, rising 1.24% today; it remains above its rising 30 day moving average
- Gold (-1.75%), Oil (-3.75%), and foreign stocks (-1.67%) underperformed today as a result of the Dollar strength; they are trading below falling 30 DMAs
- Despite strength in shorter-term yields, the 10-year Treasury Yield settled lower at 3.97%; it has a strongly bullish posture
- Long term U.S. Treasuries rose 0.61% today, Foreign Bonds rose 0.10%, and High Yield Bonds fell 0.71%; all have strongly bearish intermediate postures
- Bitcoin (weakly bearish posture) sold off over 1% today and has cracked back below its 30 day moving average recently for the first time in a couple months
- Industrials and Discretionary still lead on the Sector Selector tool; Real Estate and Utilities still lag
- All sectors finished lower today, with Financials (-2.58%) and Real Estate (-2.51%) doing the worst
- Technology and Industrials are the only two sectors that are trading above their rising 30 day moving averages and have bullish postures
- Our trade application example featured selling a put on Whirlpool (WHR) due to it having an attractive yield (versus its own historical standards and also versus the 10 Year Treasury Yield); it also has a somewhat rare oversold monthly Market Forecast cluster at the moment
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
Watch the entire March 7th #MarketOutlook video from @MarketScholars here:https://t.co/jN8WHrwwV8
— Brandon Van Zee (@BrandonVanZee) March 8, 2023
Mentioned: $SPY $SPX $QQQ $IWM $RUT $DIA $EEM $EFA $GLD $USO $TNX $TLT $HYG $BTC $UUP $VIX $TSLA $NSC $JNJ $JPM $WFC $PNC $CSCO $DKS $CAT $GS $MRK $AMD $COST $DAL $UAL $DUK $WHR pic.twitter.com/RhcYnnt9EB
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