All four market U.S. stock market indices closed higher today, with the S&P 500 (NYSEARCA: SPY) up +0.37%. As well, all four stock indices continue to trade above the rising 30 day moving average.
Our mid-week market outlook video focuses on our forecast for the rest of the week, along with highlighting several trade setups and inter-market developments.
Below is a summary of the video. Please feel free to comment or hit us up with any questions.
– The Dow Jones Industrial Average (NYSEARCA: DIA) retains its bullish intermediate posture; the intermediate postures of the other three indices are weakly bearish.
– From an intermarket analysis perspective, the U.S. Dollar continues to ride its 30 day moving average higher, but there is a little underlying strength starting to appear in some commodities
– Energy and Technology were today’s strongest sectors; Energy was likely supported by firming oil prices with an eye on the hurricane and Technology is anticipating Apple’s big product launch event tomorrow.
– The Sector Selector tool is showing the Industrials sector rotating into strength; it also shows the Real Estate and Financials rankings moving in opposite directions due to firming interest rates.
– Today’s trade application focused on placing a bull put spread trade on CMI, which has been attempting to put in a bottom after a series of oversold cluster signals a couple months ago.
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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.