- The S&P 500 fell by 0.31%; 41% of stocks closed in the green
- The S&P 500 and NASDAQ Composite (-0.89%) have weakly bearish postures
- The Dow Jones Industrial Average (+0.17%) and Russell 2000 (-0.99%) have strongly bearish postures
- All four major indices are now trading below their falling 30 day moving averages
- None of the major equity index charts currently have a “3 Green Arrows” or “3 Red Arrows” signal
- All four charts still have bullish crossovers on the 10/40 weekly MA charts (Russell 2000 is most at risk of moving to a bearish crossover)
- Quality continues to lead on the Factor Selector; Low Size fell back down to the bottom position
- The 10 Year Treasury Yield fell to 4.26%; it has a strongly bullish posture once again and is above its rising 30 day moving average
- Long Term Treasuries rose 0.28%; it has a strongly bearish posture (foreign bonds and junk bonds also bounced slightly today)
- The U.S. Dollar (strongly bullish posture) rallied by 0.24% and is at multi-month highs; it remains above its rising 30 day moving average
- Gold rose by 0.11%, and oil fell 0.73% (oil still has a strongly uptrending chart and gold does not)
- Foreign stocks sold off more aggressively than U.S. stocks; Emerging markets were down 1.18% and Developed Foreign was down 0.33%
- Preferred stocks (strongly bullish) fell back below the falling 30 day moving average, closing lower by 0.08%
- Bitcoin ended the day higher by 2%, bouncing a bit from its recent oversold clusters
- Germany, Spain, France, Netherlands, Mexico, Taiwan, Brazil, and Saudi Arabia all ended the day with oversold clusters
- Energy and Discretionary having strongly bullish postures; all other sectors have bearish intermediate postures
- Technology was the day’s worst sector (-1.45%), and Utilities (+1.31%) and Real Estate (+0.82%) were the strongest
- Our trade application example featured selling a bear call spread on Advanced Micro Devices (AMD) due to its bounce down and away from its falling 30 day moving average and its slight Bearish Near-Term Divergence signal
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
09/07/23 - Watch the full #MarketOutlook video from @MarketScholars here:https://t.co/lL28t9iFOC$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TLT $TNX $UUP $EEM $EFA $USO $GLD $BTC $NVDA $META $MSFT $AAPL $TSLA $GOOGL $AMZN $INTC $UNH $CNC $SWKS $TMUS $VZ $T $JNJ #RamsHouse $AMD pic.twitter.com/drVRCoLgnH
— Brandon Van Zee (@BrandonVanZee) September 7, 2023
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