- The S&P 500 vaulted higher by 1.91%; an astonishing 94% of the index’s components closed in the green as the VIX fell to 14
- Much of today’s bullish sentiment was driven by falling interest rates after a cooler than expected inflation reading
- All four major U.S. equity indices have strongly bullish intermediate postures and are trading above rising 30 day moving averages
- The Russell 2000 was today’s superstar index; it surged higher by 5.44%, which was its second best performance in three years
- The NASDAQ Composite rallied 2.37% and the Dow Jones Industrial Average rose by 1.43%
- This was the largest one-day outperformance of the Russell 2000 versus the Dow Jones Industrials since April of 2020
- The 10-Year Treasury Yield collapsed 41 basis points (biggest daily drop in 8 months) to end at 4.44%; it has a bearish posture and is below its 30 DMA
- All major bond categories rose (Long Term U.S. Treasuries were up 2.27%), and all have strongly bullish postures above rising 30 DMAs
- Oil fell 0.32% today and continues to trade below its falling 30 DMA and has a strongly bearish posture
- Gold (weakly bearish posture) rallied 0.89% due to Dollar weakness; gold had a nice bounce up and off its rising 30 DMA
- The U.S. Dollar plunged 1.58% today (its worst day in over a year); it has a bearish intermediate posture and is trading below its falling 30 DMA
- Emerging Markets (+2.66%) and Developed Foreign (+2.55%) both outperformed U.S. stocks, in light of Dollar weakness
- Financials replaced Energy at the top of the Sector Selector; Health Care remained at the bottom
- All sectors finished higher today; the interest rate sensitive sectors of Real Estate (+5.4%) and Utilities (+3.99%) were the superstars
- Technology (+2.00%) and Communications (+1.62%) achieved multi-month highs today
- Our trade application example featured a bullish swing trade on Consolidated Edison (ED) due to the utility’s CAHOLD (Close Above High Of Low Day) pattern up and off its rising 30 day moving average, in addition to the Bullish Near-Term Divergence signal
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
11/14/23 - Watch the full #MarketOutlook video from @MarketScholars here:https://t.co/cUAM39O5Kt$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TNX $TLT $UUP $USO $EEM $EFA $BTC $VIX $NVDA $META $MSFT $AAPL $TSLA $GOOGL $AMZN $LLY $ABBV $JNJ $UNH $EXR $CB $PGR $TRV $XLRE $XLU $ED pic.twitter.com/aIlMCMRn7x
— Brandon Van Zee (@BrandonVanZee) November 15, 2023
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