The S&P 500 (NYSEARCA: SPY) rose by 1.29% and retains its strongly bullish intermediate posture.
The avoidance of another government shutdown along with a more positive tone towards a trade deal with China has provided stocks with a bullish push.
All four major U.S. stock market indices continue to have strongly bullish Market Forecast intermediate postures and bullish Market Sentiment postures.
The Russell 2000 (NYSEARCA: IWM) now has a “3 Green Arrows” signal on a daily candle chart due to its MACD Histogram passing up through the zero line.
All four charts continue to trade with a bearish 10-40 week moving average crossover, but the price of the S&P 500 is now trading above the 40 week moving average (equivalent to the 200 day moving average).
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The U.S. Dollar has formed a series of higher highs and higher lows, which has negatively impacted agriculture commodities and some foreign stock markets.
Mid-Week Stock Market Video – February 12, 2019
Some additional insights from today’s stock market outlook video:
- Income-related assets like MLPs, preferred stocks, and REITs have gained strength with interest rates struggling recently.
- Due to a strong U.S. Dollar and stabilizing oil prices, stocks in India and Japan have struggled on a relative basis.
- Benefiting from promising trade news, the Materials sector was up the most today despite lagging somewhat on an intermediate basis.
- Our trade application example featured a Buy Stop One Cancels Other order on Kinder Morgan (KMI) due to its excellent relative strength versus the Energy sector, in addition to a recent significant stock purchase from its founder.
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.