- The S&P 500 fell 1.48% as the market continued to operate within its whipsaw, volatile mode; only 17% of components finished positive
- With the aggressive sell-off, the Market Forecast intermediate posture went back to weakly bearish on the S&P 500
- One of the only areas finding strength today was within the Consumer Staples, in particular, the Dividend Aristocrat Staples performed admirably
- With Materials, Energy, Consumer Staples, and Utilities leading the Sector Selector recently; it’s possible we are in an early contraction period
- All four major U.S. equity indices had above average range days and erased Tuesday’s gains (with the exception of the Dow Jones Industrial Average)
- The Dow Jones Industrial Average was today’s relative leader (with a loss of only 1.07%) as Blue Chip stocks retained valued better than growth stocks
- The Dow Jones Industrials is the only remaining index to have a strongly bullish intermediate posture along with being above a rising 30 day moving average
- The NASDAQ Composite fell 2.07% and is now at the lowest level of the past month
- The NASDAQ Composite’s intermediate posture reverted back to strongly bearish and is now below its falling 30 day moving average
- The Russell 2000 fell the most (-2.29%) today; it has a strongly bearish posture and is trading below its falling 30 day moving average
- The Dividend Yield factor is back on top of the Factor Selector tool; Quality fell back to the bottom
- The U.S. 10-Year Treasury yield touched a multi-year high, closing at 2.92%; it continues to have a strongly bullish intermediate posture
- The U.S. Dollar rallied 0.30% and ended with a bullish engulfing pattern; it continues to have a strongly bullish intermediate posture
- Gold fell 0.36%, but its posture managed to move back to weakly bullish
- Oil has been much stronger than gold recently and was up another 1.14% today; it has a strongly bullish intermediate posture
- Bitcoin fell 2% and finds itself at $40,000, but considering the sell-off in other “risk-on” assets, it wasn’t too bad of a showing
- Developed foreign stocks (-1.08%) outperformed emerging markets (-1.93%), which has really struggled with the sell-off in Chinese internet stocks
- Energy was today’s worst performing sector (-3.17%); but due to its significant uptrend in recent months, it continues to have a strongly bullish posture
- More concerning than Energy was the 2.85% drop in Communications, which now finds itself at multi-month lows with a strongly bearish posture
- Consumer Staples were green for most of the day, but dipped in the final hour to close just below the flatline (-0.09%)
- Real Estate fell 0.65%, but that was a reasonably good outcome, considering its impressive strength the two previous days
- Our trade application example featured selling a put on Scotts Miracle-Gro (SMG) as due to the recent sell-off leading to an oversold cluster on a weekly candle chart and putting the price within striking distance of an attractive yield level on our Dividend Stairstep chart
Here's the intro of today's #MarketOutlook video from @MarketScholars
— 𝐁𝐫𝐚𝐧𝐝𝐨𝐧 𝐕𝐚𝐧 𝐙𝐞𝐞 (@BrandonVanZee) April 22, 2022
Watch the full video for free here:https://t.co/NsRMC98RV8
Mentioned: $SPY $SPX $QQQ $IWM $RUT $UUP $TNX $TLT $EEM $EFA $USO $GLD $BTC $TSLA $AMZN $NFLX $LNN $KO $DVY $XLC $T $VZ $ABBV $AAPL $TWTR $SMG pic.twitter.com/QDvMFbUBtl
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