- The S&P 500 rose by 0.73%, as 69% of stocks closed in the green
- All four major U.S. equity indices have strongly bearish postures and are trading below their falling 30-day moving averages
- The Dow Jones Industrial Average rose 0.62%, the NASDAQ Composite rose 0.93%, and the Russell 2000 rose 0.82%
- The 10 Year Treasury Yield rose slightly to 4.84% after breaching 5% late last week; it still has a strongly bullish posture
- Bonds rose, with long term U.S. Treasuries tacking on 1.32% (all bond categories continue to have strongly bearish postures)
- The U.S. Dollar was up 0.57%; it has a bullish posture and it’s still above its rising 30 day moving average
- Gold (-0.01%) and Oil (-2.48%) both fell, but gold has a bullish posture while oil is now below its falling 30 DMA for the first time in months
- Foreign developed stocks (-.089%) and Emerging Markets (-0.59%) both have strongly bearish postures
- Bitcoin had one of its biggest days in a long time and breached $35,000 for the first time in over a year; it continues to have a strongly bullish intermediate posture
- Energy stayed at the top of the Sector Selector for the 12th straight week; Communications made a big move into the #2 position
- Energy (-1.41%) was the only sector lower today; Utilities was the best sector (+2.57%)
- All sectors remain with bearish Market Forecast intermediate postures
- Our trade application example featured a bear call spread on Abbott Labs (ABT) due to its bearish Near-Term posture, highlighted with a bounce down and away from its falling 30 day moving average on a day when most stocks were higher
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
10/24/23 - Watch the full #MarketOutlook video from@MarketScholars here:https://t.co/FZIoZ5Tmh1$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TLT $TNX $UUP $EEM $EFA $USO $GLD $BTC $NVDA $META $MSFT $AAPL $TSLA $GOOGL $AMZN $NFLX $KO $ETHE $VZ $T $V $TXN $SNAP $CVX $HES $GE $ABT pic.twitter.com/hrkjpx6uqL
— Brandon Van Zee (@BrandonVanZee) October 25, 2023
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