- The S&P 500 fell by 0.42%; only 18% of stocks closed in the green
- The S&P 500 and NASDAQ Composite have strongly bullish postures are are above their falling 30 day moving averages
- The Dow Jones Industrial Average and Russell 2000 have weakly bullish postures and are below their falling 30 day moving averages
- The NASDAQ Composite was down 0.08%, the Dow Jones Industrial Average was down 0.56%, and the Russell 2000 was down 2.1%
- The S&P 500, Dow Jones Industrial Average, and Russell 2000 closed with bullish intermediate confirmation signals (but not ideal because red line is extreme)
- The S&P 500 and NASDAQ Composite still have “3 Green Arrows” signals
- The Russell 2000 is the index with the highest likelihood of switching to a “death cross” on the 10/40 weekly crossover chart
- August dividend increases can be found here: https://www.marketscholars.com/2023/09/04/dividend-growth-investing-increases-from-august-2023/
- DGI Sector Attractiveness can be found here: https://www.marketscholars.com/2023/08/31/dividend-stairstep-sector-statistics-08-31-23/
- The 10 Year Treasury Yield rose to 4.26%; it has a strongly bullish posture once again and is bouncing up and off its rising 30 day moving average
- Long Term Treasuries fell 1.4%; it has a strongly bearish posture, while Foreign and Junk Bonds have weakly bearish postures
- The U.S. Dollar (strongly bullish posture) rallied by 0.52% and is back to multi-month highs; it remains above its rising 30 day moving average
- Gold fell by 0.82%, but oil continued to impress with another 1.09% advance; both their postures remain bullish despite their divergence in price
- Foreign stocks sold off more aggressively than U.S. stocks; Emerging markets were down 0.81% and Developed Foreign was down 0.87%
- Preferred stocks (weakly bullish) fell back below the falling 30 day moving average
- Bitcoin ended the day with another oversold cluster and is near multi-month lows (just under $26,000)
- Energy remained at the top of the Sector Selector; Consumer Staples remained at the bottom
- Staples and Utilities both ended the day with oversold cluster signals and are trading well below their falling 30 day moving averages
- Materials and Industrials were the day’s worst sectors, falling by 1.85% and 1.68%, respectively
- Energy and Technology were today’s leaders, up 0.53% and 0.36%, respectively
- Our trade application example featured buying a bull call spread on Halliburton (HAL) due to its nice bounce up and off the rising 30 day moving average on a day when most other stocks closed in the red
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
09/05/23 - Watch the full #MarketOutlook video from @MarketScholars here:https://t.co/dhykIUxjxP$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TLT $TNX $UUP $EEM $EFA $USO $GLD $BTC $NVDA $META $MSFT $AAPL $TSLA $GOOGL $AMZN $PFF $UNH $BRK.B $SCHW $MRK $TMO $ILMN $CSCO $RSP $HAL pic.twitter.com/pW9kaQChmt
— Brandon Van Zee (@BrandonVanZee) September 6, 2023
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