- The S&P 500 rose 0.28%, as just 42% of components closed green
- All four major U.S. equity indices have strongly bullish postures
- All four major U.S. equity indices are above their 30 day moving averages (the Russell 2000’s 30 DMA is still falling)
- The Dow Jones Industrial Average was up 0.17%, the NASDAQ Composite was up 0.90%, and the Russell 2000 was down 0.28%
- All four major U.S. equity indices have a “3 Green Arrows” signal
- The S&P 500 and NASDAQ Composite have “golden crosses” on the 10/40 weekly crossover chart
- The Dow Jones Industrial Average and Russell 2000 have “death crosses” on the 10/40 weekly crossover chart
- The 10-Year Treasury Yield fell to 4.57%; it continues to have a strongly bearish posture and is trading below its rising 30 DMA
- Bonds rose across the board, with Long Term U.S. Treasuries (strongly bullish posture) up 1.47%
- The U.S. Dollar rose 0.34% today, but remains under pressure with a bearish intermediate posture; it’s still below its 30 DMA
- Due to Dollar strength, foreign stocks underperformed U.S. stocks; Developed Foreign was down 0.61% and Emerging was down 0.18%
- Oil and gold both fell due to Dollar strength; oil crashed over 4% and is at its lowest level in 3 months, but now has an oversold cluster
- Energy remained at the top of the Sector Selector, but its days there are likely numbered, after today’s sell-off in oil stocks
- Energy was today’s worst sector, down 2.22% and it now has a bearish intermediate posture
- All other sectors are bullish, with Technology (+1.09%) and Communications (+0.53%) closest to their 3-month highs
- Consumer Discretionary (+1.12%) was today’s best sector and is now trading above its rising 30 DMA for the first time in over a month
- Our trade application example featured a short sale swing trade on Comcast (CMCSA) due to it’s bounce down and away from its declining 30 day moving average, in addition to its bearish Near-Term Divergence signal
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
11/07/23 - Watch the full #MarketOutlook video from @MarketScholars here:https://t.co/bQdn7asLfM$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TNX $TLT $BTC $USO $EEM $EFA $NVDA $META $MSFT $AAPL $TSLA $GOOGL $AMZN $APD $EMR $CVX $XOM $COP $EL $FCX $LLY $DG $CHTR $CI $CRSP $CMCSA pic.twitter.com/mXvVtaFHKL
— Brandon Van Zee (@BrandonVanZee) November 8, 2023
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