The S&P 500 (NYSEARCA: SPY) rose by 0.47% today and retains its strongly bullish intermediate posture. The broad stock market index is now trading at its highest levels since early December.
All four major U.S. stock market indices continue to have strongly bullish Market Forecast intermediate postures, bullish Market Sentiment postures, and “3 Green Arrows” signals (see video below to learn more).
All four charts continue to trade with a bearish 10-40 week moving average crossover, but only the Russell 2000 remains with current price below its 40 week exponential moving average so bullish crossovers are becoming a realistic possibility in the near future.
Gold continues to be in a bullish uptrend and the stabilization of oil prices have allowed Master Limited Partnerships to procure a bullish intermediate posture.
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The U.S. Dollar popped back up above the 30 day moving average, but because that moving average is tilted downward, traders remain hesitant regarding price expectations.
Our trade application in tonight’s video features a long call vertical spread on Alphabet (NASDAQ: GOOGL), which just reported earnings.
Mid-Week Stock Market Video – February 5, 2019
Some additional insights from today’s stock market outlook video:
- Chinese stocks hit fresh 3 month highs and could continue to be in focus after tonight’s State Of The Union address from President Trump.
- All eleven U.S. sectors have a bullish intermediate posture according to the Market Forecast indicator.
- Real Estate is the leading sector from a price perspective over the last 3 months and also ranks at the top of the most recent Sector Selector ranking system.
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