Our mid-week market outlook video has got you covered with lots of market insights and interesting trade setups.
Below is a summary of of the video. Please feel free to comment or hit us up with any questions:
The U.S. equity markets bounced back today after several sessions of selling. Many of the U.S. stock indices, including the S&P 500 (NYSEARCA: SPY) and Nasdaq (NASDAQ: QQQ) continue to trade above rising 30 day moving averages and all four major U.S. equity indices have a bullish intermediate posture according to the Market Forecast indicator.
– Long term moving averages continue to support a bullish thesis
– The U.S. Dollar remains strong and continues to pressure commodities and foreign stocks
– Consumer Discretionary was the leading sector today and remains one of the most bullish sectors from an intermediate term perspective
– Retail stocks within the Discretionary space were today’s big winners after traders cheered Tapestry’s (TPR) earnings
– The retail industry ETF (XRT) closed at a new yearly high
– The trade application example highlighted in today’s video featured a moderately bullish trade on Tractor Supply (TSCO) as it continues to drift higher
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