- The S&P 500 sold off 0.42% and it continues to have a weakly bearish intermediate posture; just 30% of stocks closed in the green
- The S&P 500 was down well over 1% in the morning, but several stocks (including Energy and Utilities) rallied into the bell
- The S&P 500 finds itself at an important juncture, sitting right atop its rising 30-day moving average
- The Dow Jones Industrial Average closed lower by 0.45%; it’s the only large index to have a strongly bullish posture (likely change tomorrow)
- The NASDAQ Composite (weakly bearish posture) was down 0.79%; it’s the only index to be trading below its 30 day moving average
- The Russell 2000 (-.059%) tested the 30 day moving average today, but bounced nicely off of it; it has a weakly bearish posture
- The 10 Year Treasury Yield fell to 4.02%; despite a recent pull-back, it has a strongly bullish posture and is above its rising 30 day moving average
- All major bond categories rallied, with the U.S. Long Term Government Bonds (+1.16%) bouncing the most, but they still have a bearish posture
- The U.S. Dollar rallied 0.46% and remains well above its rising 30-day moving average; it did end with a long upper shadow at resistance though
- Gold fell 0.63% while oil rallied 0.33%; Gold has a strongly bearish posture and Oil is strongly bullish
- Foreign stocks sold off today; Developed foreign (strongly bearish) fell 0.60% and Emerging Markets (weakly bearish) fell 1.21%
- Energy overtook Technology atop the Sector Selector; Financials broke into the “Top 4” for the first time since before the regional bank crisis
- Health Care (+0.77%) was the best performer today, led by LLY and NVO due to positive weight loss drug news; Energy (+0.49%) was second best
- Financials have joined the interest rate-sensitive sectors of Utilities and Real Estate with strongly bearish intermediate postures
- Utilities ended the day with a nice long-lower-shadow on its candlestick, suggesting that a short-term bounce is possible
- Our trade application example was selling a bull put spread on Chevron (CVX) due to its successful test of its rising 30-day moving average and its Near-Term posture shift to bullish
08/08/23 - Watch the full #MarketOutlook video from @MarketScholars here: https://t.co/0pPZw4mT88
— Brandon Van Zee (@BrandonVanZee) August 9, 2023
$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TLT $TNX $UUP $EEM $EFA $USO $GLD $NVDA $META $MSFT $AAPL $AMZN $TSLA $GOOGL $JNJ $AMD $BRKB $WST $UNH $PODD $LLY $NVO $IFF $AMGN $CVX pic.twitter.com/JJ8eoSyO6c
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