- The S&P 500 had a its second straight 80%+ advancers/breadth day, which culminated in a final tally of a 1.45% advance
- The VIX fell back to 15 as most broad equity indices closed near or at their highs of the day
- All four major U.S. equity indices now have weakly bullish postures
- The S&P 500 and NASDAQ Composite are back above their falling 30 day moving averages
- The Dow Jones Industrial Average and Russell 2000 are still below their falling 20 day moving averages
- All four major equity indices traded back above their 50 day/10 week moving averages
- The NASDAQ was up 1.74%, the Dow Jones Industrial Average was up 0.85%, and the Russell 2000 was up 1.42%
- Bitcoin had a massive 6% jump after a court decision paved the way to make it easier for Bitcoin Spot ETFs to launch
- The 10 Year Treasury Yield fell to 4.14%; it’s still above its rising 30 day moving average but now has a weakly bearish posture
- Bonds rallied across the board; Long Term Treasuries (+1.04%), Foreign Bonds (+0.23%) and Junk Bonds (+0.63%) now have bullish postures
- The U.S. Dollar (strongly bullish posture) gapped up to start the day and then finished at the lows, down 0.55%
- Commodities rallied nicely off the weaker Dollar; gold was up 0.98% and oil was up 1.26% and both now have bullish postures
- Foreign stocks also now have bullish postures and had strong days; Developed Foreign was up 1.24% and Emerging Markets were up 1.27%
- Energy remains on top of the Sector Selector; Consumer Staples are now on the bottom
- All sectors rose today, with Discretionary (+2.5%) leading and Energy (+0.27%) lagging
- Energy and Health Care now have strongly bullish intermediate postures (on a market-cap-weighted basis)
- Materials, Staples, and Utilities are the only three that remain with bearish postures
- Our trade application example was selling a bull put spread on Amazon (AMZN) due to its Bullish Near-Term Divergence signal and its ability to bounce back above its rising 30 day moving average
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
08/29/23 - Watch the full #MarketOutlook video from@MarketScholars here:https://t.co/jm1nMt5Byn$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TLT $TNX $UUP $EEM $EFA $USO $GLD $BTC $NVDA $META $MSFT $AAPL $TSLA $GOOGL $NKE $MA $GBTC $COIN $STLD $V $LLY $HPQ $SBUX $JNJ $BMY $AMZN pic.twitter.com/ojtAQFiEbb
— Brandon Van Zee (@BrandonVanZee) August 30, 2023
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