- The S&P 500 rose by 0.12%; 45% of its components closed higher, while the VIX remained at 14
- All four major U.S. equity indices have strongly bullish intermediate postures and are trading above rising 30 day moving averages
- All four major U.S. equity indices have Bullish Intermediate Confirmation signals, but none of them are the idealized form
- The Dow Jones Industrial Average was down 0.13%, the NASDAQ Composite was up 0.07%, and the Russell 2000 was down 1.52%
- Momentum stayed atop the Factor Selector; Dividend Yield replaced Low Size on the bottom
- The 10-Year Treasury Yield fell to 4.44%; it has a strongly bearish posture and is below its falling 30 DMA
- All major bond categories rose (Long Term U.S. Treasuries were up 1.24%), and all have strongly bullish postures above rising 30 DMAs
- Oil fell 4.61% today and continues to trade below its falling 30 DMA and has a strongly bearish posture
- Gold (strongly bullish posture) rallied 1.13%; it continues to impress with its bounce up and off its rising 30 DMA
- The U.S. Dollar rose 0.07%; it has a bearish intermediate posture and is trading below its falling 30 DMA
- Emerging Markets (-0.96%) and Developed Foreign (-0.07%) both underperformed U.S. stocks, in light of Dollar strength
- Bitcoin remains glued to $35,000 and still has a strongly bullish posture
- Utilities were the best sector today, advancing 0.53%; meanwhile Energy fell the most (-1.95%)
- Energy is the only sector with a strongly bearish posture; all other sectors are strongly bullish
- Technology and Communications are at multi-month highs
- Our trade application example sold a bear call spread on Rockwell Automation (ROK) due to its bearish Near-Term posture and its struggling at an obvious resistance point (falling 30 day moving average) with three straight long-upper shadows on its candles
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
11/16/23 - Watch the full #MarketOutlook video from @MarketScholars here:https://t.co/x0z2Qy7zWr$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TNX $TLT $UUP $USO $EEM $EFA $BTC $VIX $NVDA $META $MSFT $AAPL $TSLA $GOOG $AMZN $ED $CB $CRSP $VRTX $WMT $TGT $BABA $SLB $BRK $CSCO $ROK pic.twitter.com/OXlvRMlegL
— Brandon Van Zee (@BrandonVanZee) November 17, 2023
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