The S&P 500 Index rallied (+0.18%) on Tuesday for the ninth time in the last ten sessions, while hitting a new all-time high. That said, the stock market faded late in the day and the index closed well off of its intraday highs.
The S&P 500 still has a strongly bullish intermediate Market Forecast posture and is trading above its rising 30 day moving average.
On the flip side… Despite a positive performance from a market cap-weighted perspective, more stocks within the S&P 500 closed lower than higher on Tuesday.
The Dow Jones Industrial Average (+0.04%) hit an all-time high and has a strongly bullish posture. The NASDAQ (+0.06%) narrowly missed a record high but also has a strongly bullish intermediate posture and is trading above its rising 30 day moving average.
The Russell 2000 was Tuesday’s clear laggard (-0.72%), but it did touch a multi-month high in the morning and closed with a bullish intermediate confirmation signal. That said, all four major U.S. equity indices have a “3 Green Arrows” signal.
Interest rates slid for the third straight day while the 10 Year Treasury Yield ended at 1.61% and remains in an intermediate uptrend.
The U.S. Dollar (+0.20%) had a nice bounce up and off of its rising 30 day moving average; it has a strongly bullish intermediate posture.
Gold sold off 0.74% and has had difficulty overtaking its prior highs, but it continues to have a bullish intermediate posture for the time-being. Crude Oil continues its relentless march higher; it advanced by over 1% today and is at multi-month closing highs with a strongly bullish posture
Energy and Financials continue to lead on the Sector Selector; Communications made a big drop lower.
Our trade application example featured buying an India-focused ETF (EPI) as a swing trade due to its bullish Near-Term divergence and its bounce up and off of its rising 30 day moving average
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Stock Market Outlook Video (for October 27) – News and Analysis
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