The S&P 500 was flat Tuesday but its intermediate term posture turned weakly bearish. The NASDAQ Composite also has taken on a weakly bearish posture.
At the same time, the Dow Jones Industrial Average hit a new all-time high and retains a strongly bullish intermediate posture
Our mid-week market outlook video discusses on our forecast for the rest of the trading week, along with highlighting several trade setups and developments to watch. Below is a summary of the video.
– The Russell 2000 was down just over 1% today and continues to have a strongly bearish posture
– Despite U.S. Dollar strength, many commodities are starting to show some life and reverse higher
– Energy-related commodities have been hot for awhile, but platinum and coffee are now starting to heat up as well.
– Utilities were the strongest sector Tuesday, continuing its bounce after last week’s oversold cluster signal. Technology, Industrials, and Health Care sector charts remain in strong uptrends.
– Consumer Discretionary was the worst performer on the day, partially impacted by Amazon’s (AMZN) announcement of raised wages
– Today’s trade application focused on performing a one-cancels-other bracket order on Embraer (ERJ) with an upside target price and a downside stop loss.
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Twitter: @BrandonVanZee and @Market_Scholars
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.
