- U.S. factory orders exceeded expectations and sent stocks higher; while the returns weren’t eye-popping, most indices closed at the highs of the day
- The S&P 500® was today’s leader (+0.82%); it continues to trade above its rising 30 day moving average and has a strongly bullish intermediate posture
- The Dow Jones Industrial Average rose 0.80%; it’s just one day removed from an intraday all-time high and has a strongly bullish posture
- The NASDAQ Composite bounced off its rising 30 day moving average at the day’s low and closed at the day’s high (+0.55%); it has a strongly bullish posture
- The Russell 2000 was the day’s laggard (+0.36%), but it did manage a posture shift from strongly bearish to weakly bullish (it’s still below a falling 30 day moving average)
- None of the major U.S. equity indices closed today with a “3 Green Arrows” signal or a “3 Red Arrows” signal; momentum has become a bit weaker on most charts
- China and potential regulatory threats to their video game industry had an impact on foreign securities; emerging markets underperformed developed markets
- Bonds remain strong within a downtrending interest rate environment; the 10 Year U.S. Treasury Yield ended near 3 months lows at 1.17%
- The U.S. Dollar has been holding steady over recent sessions; gold has strengthened slightly and oil has weakened slightly over that time period
- Bitcoin continues to look interesting as a bullish bounce candidate; it has established a bullish intermediate posture and its 30 day moving average is now rising again
- Communications (-1.27%) and Consumer Staples (-0.01%) were the only two sectors that finished lower on an equal-weighted basis today; Energy was up over 2%
- From a trending perspective, Real Estate, Health Care, and Technology appears to be the strongest sectors recently (according to the WAR Score ranking system)
- Our trade application example featured selling a cash-secured put on Gilead Sciences (GILD) due to its bullish intermediate posture, its bounce up and off the rising 30 day moving average, and its placement from a long term perspective on the dividend stairstep chart (suggesting an attractive current yield)
08/03/21 - Watch today's #MarketOutlook video from @MarketScholarshttps://t.co/FfcQ2bqO79
— 𝐁𝐫𝐚𝐧𝐝𝐨𝐧 𝐕𝐚𝐧 𝐙𝐞𝐞 (@BrandonVanZee) August 3, 2021
Mentioned: $SPY $DIA $QQQ $SPX $RUT $EEM $GLD $USO $UUP $TNX $BTC $GBTC $BABA $AMZN $NTES $BIDU $TCEHY $FTNT $MRNA $PFE $BP $CLX $JD $PDD $SQ $AAPL $AFRM $V $MA $GILD
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