The S&P 500 rose 0.97% today and has a weakly bullish intermediate posture.
All four major U.S. stock market indices currently have weakly bullish intermediate postures according to our Market Forecast technical indicator.
The Russell 2000 (NYSEARCA: IWM) and NASDAQ (NASDAQ: QQQ) now have “3 Green Arrows” signals; although their series of lower highs and lower lows haven’t been broken yet.
All four major U.S. stock market indices also have bearish crossovers using the 10 and 40 week moving averages.
Turning to commodities… Gold (NYSEARCA: GLD) was down today but continues to be in a bullish intermediate trend.
Crude oil (NYSEARCA: USO) was up again today and closed above its 30 day simple moving average for the first time since October.
Mid-Week market Video – January 8, 2019
Some additional insights from today’s stock market outlook video:
- In general, foreign stock markets have stabilized nicely in recent weeks; areas of relative strength have been found in Mexico, Brazil and India
- All major U.S. sectors have bullish intermediate postures, but only Communications, Discretionary, and Materials have been able to close clearly above their 30 day simple moving averages
- Our trade application example focused buying shares of Crocs (CROX) as a trend trade with an embedded trailing stop
Get market insights, stock trading ideas, and educational instruction over at the Market Scholars website.
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