- The S&P 500 rose by 0.52%; a robust 76% of its components closed in the green with interest rate sensitive areas bouncing nicely
- The S&P 500 now has a weakly bullish intermediate posture, but is still trading below its falling 30 day moving average (DMA)
- The Dow Jones Industrial Average rose by 0.40%; it also switched to a weakly bullish posture but is still below its falling 30 DMA
- The NASDAQ Composite rose 0.58%; it continues to have the weakly bullish posture it established a week ago and is right at its 30 DMA
- The Russell 2000 was the day’s biggest gainer (+1.14%), but its the only major index to still have a strongly bearish posture
- The 10 Year Treasury Yield fell 14 basis points to close at 4.65%; it continues to have a strongly bullish intermediate posture
- Bond ETFs finished lower due to an anomaly: the bond market itself was closed yesterday (after the Israel news) but bond ETFs could still be traded
- The U.S. Dollar was down 0.24%; it now has a weakly bearish posture but it’s still well above its rising 30 DMA
- Gold (strongly bearish posture) was down 0.17% today; Oil (strongly bearish posture) was down 0.54%
- Foreign developed stocks (+1.37%) and Emerging Markets (+1.43%) both outperformed U.S. stocks on this weaker-Dollar day
- Bitcoin is still hovering around $27,000; it’s still above its rising 30 day moving average and has a bullish intermediate posture
- Energy stayed at the top of the Sector Selector for the 10th straight week; Consumer Staples remained in last place
- All sectors closed higher today with Discretionary leading (+1.09%) and Energy lagging (+0.12%)
- The only two sectors that still have strongly bearish postures are Consumer Staples and Materials
- Communications is the only sector with a strongly bullish posture; the rest of them have weakly bullish postures
- Our trade application example featured a short sell on Oracle (ORCL) due to it rolling over today when the rest of the market was strong and also due to its Near-Term posture shift back to bearish after having a bullish reversion-to-the-mean move last week post-oversold clusters
10/10/23 - Watch the full #MarketOutlook video from@MarketScholars here:https://t.co/It1NSDVrvx$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TLT $TNX $UUP $EEM $EFA $USO $GLD $VIX $BTC $NVDA $META $MSFT $AAPL $TSLA $GOOGL $AMZN $COP $DIS $NFLX $TGT $NEE $BAC $KO $PEP $JNJ $ORCL pic.twitter.com/Yxa5aMQZLZ
— Brandon Van Zee (@BrandonVanZee) October 11, 2023
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