U.S. equity markets were mostly weaker today and all four major U.S. equity markets continue to have bearish intermediate postures according to the Market Forecast indicator.
The S&P 500 (NYSEARCA: SPY) was down 0.14% and its intermediate posture changed to strongly bearish.
The NASDAQ (NASDAQ: QQQ) broke its losing streak, but only managed a 0.04% gain which left the candle with a long upper shadow. The Tech Index continues to have a strongly bearish posture.
The Russell 2000 (NYSEARCA: IWM) was down 0.47% today and continues to have a strongly bearish posture. Today, it generated its first oversold cluster signal in several months.
The Dow Jones Industrial Average (NYSEARCA: DIA) was down 0.21% today and has a weakly bearish posture; it’s the only index trading above a rising 30 day moving average.
Check out our in-depth analysis and trading ideas in today’s video below. See additional bullets and analysis further below today’s video.
Some additional bullets from this week’s Weekend Market Outlook video:
– Agriculture commodities and MLPs are relatively strong.
– Interest rates pulled back today and the U.S. Dollar finished with a bearish engulfing candlestick pattern.
– Brazil equity markets hit a 3 month high today; meanwhile, Germany hit a 3 month low
– Safe haven sectors like Utilities and Staples have bullish postures, but most cyclical sectors are struggling with bearish postures.
– Our trade application example today focused on selling a put on Illinois Tool Works (ITW) now that its dividend yield is getting closer to historically-attractive levels.
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