The S&P 500 Index achieved a new all-time intraday high, but then ended Tuesday’s session with a slight -0.16% drop. The Dow Jones Industrial Average fell -0.39% and the Russell 2000 fell -1.72%.
The NASDAQ Composite was the only major U.S. equity index to close in the green (+0.09%); its intermediate posture joined the other stock market indices at strongly bullish.
The NASDAQ Composite is also the only major index to not quite produce a “3 Green Arrows” signal; that will come as soon as tomorrow with a positive session.
All four major stock market indices have golden crosses on the 10/40 weekly crossover method; the NASDAQ’s is the weakest and the Dow Jones’ is the strongest.
The U.S. Dollar and Long Term U.S. Treasuries are the only two major assets with a bearish intermediate posture; gold remains below a falling 30 day moving average.
Oil and Bitcoin have been so strong that neither has touched the 30 day moving average over the past 3 months. Emerging markets still look relatively weak versus their U.S. and foreign developed market counterparts.
All eleven sectors currently have a strongly bullish intermediate posture; Communications and Real Estate have been impressive over the past week. Energy was down the most today and struggled yesterday as well.
Our trade application example featured a bullish swing trade on Dorman Products (DORM) after it ended its 5-day sell-off with a CAHOLD pattern with its series of higher highs and higher lows still intact.
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Stock Market Video – News, Analysis & Insights for March 16
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