- The S&P 500 ended its 8-day winning streak with a loss of 0.81%; just 25% of stocks closed in the green
- The S&P 500, Dow Jones Industrial Average, and the NASDAQ Composite all ended with Bullish Intermediate Confirmation Signals
- Those three indices also remain above their rising 30 day moving averages
- The Russell 2000 is back to a weakly bearish intermediate posture (after selling off by 1.57% today), and is back below its falling 30 DMA
- The Dow Jones Industrial Average was down 0.65% and the NASDAQ Composite was down 0.94%
- Momentum is now at the top of the Factor Selector; Low Size remains at the bottom
- The 10-Year Treasury Yield rallied 23 basis points to end at 4.63%; it still has a bearish posture and is below its 30 day moving average
- All major bond categories fell (but retain their bullish intermediate postures), with Long Term U.S. Treasuries down by 2.30%
- Oil rose 0.09% today, but ended with its third straight oversold cluster
- Gold and Preferred Stocks now have weakly bearish postures
- The U.S. Dollar was up 0.44% today; it still has a bearish intermediate posture but is back above its 30 DMA
- Emerging Markets (-0.94%) underperformed U.S. stocks but remain with a bullish intermediate posture
- Brazil and Poland seemed to be outperforming most other international country equity ETFs recently
- Sugar (+2.06%) remains in a strong uptrend and is outperforming most other commodities
- Our trade application example featured a bear call spread on Old Dominion Freight (ODFL) 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:
11/09/23 - Watch the full #MarketOutlook video from @MarketScholars here:https://t.co/m3A6pHV7Vv$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TNX $TLT $USO $EEM $EFA $NVDA $META $MSFT $AAPL $TSLA $GOOGL $AMZN $LLY $CMCSA $EPOL $EWZ $BRK $U $LOW $SBUX $AMGN $TTD $ILMN $WYNN $ODFL pic.twitter.com/fSb8o5CExB
— Brandon Van Zee (@BrandonVanZee) November 10, 2023
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