- The S&P 500 (-0.38%) sold off for its fifth straight session (which hasn’t happened since January); only 35% of stocks closed in the green
- While this could change by Friday’s close, the S&P 500 is currently trading with an oversold cluster on a weekly candle chart (just its 2nd in the last decade)
- All four major U.S. equity indices have strongly bearish intermediate postures and are trading below falling 30 day moving averages
- The NASDAQ Composite was a bit of a surprise today and closed higher by 0.18%, due to relative strength in technology stocks
- The Dow Jones Industrial Average was down 0.50% and the Russell 2000 was down 0.39%
- The 10-Year Treasury Yield spiked to 3.48%, its fifth straight advance; it’s now at its highest yield since 2011
- This has been the strongest 5-day boost to the 10-Year Treasury Yield since October of 2008
- Naturally, with spiking yields, most bond prices fell; Long-Term U.S. Treasuries fell 1.26% and have both daily and weekly oversold cluster signals
- The U.S. Dollar also rallied; it was up (0.21%) for its fifth straight advance and has a strongly bullish intermediate posture
- Dollar strength led to weakness in oil (-2.11%) and gold (-0.80%); oil continues to have a strongly bullish posture (gold is strongly bearish)
- Chinese stocks have been perking up nicely lately on a relative basis; that has allowed the emerging markets to outperform developed foreign markets
- Energy remains at the top of the Sector Selector and Consumer Discretionary remains at the bottom
- Energy has a weakly bearish posture; all other sectors currently have strongly bearish postures according to the Market Forecast indicator
- Interest rate-sensitive sectors like Utilities (-2.53%) and Real Estate (-0.71%) have been hit quite hard in the last week; both have strongly bearish postures
- Technology was the day’s top performing sector (+0.63%); the only other sector to close higher was Energy (+0.19%)
- Our trade application example featured selling a cash-secured put on T. Rowe Price (TROW) due to the debt-free Dividend Aristocrat now trading in historically-attractive yield range along with its cheapest valuation in over a decade; it also has an oversold cluster on its weekly candle chart
Here's the intro of today's #MarketOutlook video from @MarketScholars
— 𝐁𝐫𝐚𝐧𝐝𝐨𝐧 𝐕𝐚𝐧 𝐙𝐞𝐞 (@BrandonVanZee) June 15, 2022
Watch the full video for free here:https://t.co/oRYtVYqnd7
Mentioned: $SPY $SPX $QQQ $IWM $RUT $UUP $TLT $TNX $EEM $EFA $USO $FXI $BABA $PDD $AMZN $ORCL $FDX $UPS $MPWR $BA $KO $PG $NVDA $AAPL $XLU $TROW pic.twitter.com/5LbEv48LlX
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