The U.S. stock market indices put in a flat to higher day on Tuesday, with the S&P 500 Index finishing fractionally higher (+0.02%). Its intermediate posture (according to the Market Forecast technical indicator) continues to be strongly bullish.
The Dow Jones Industrial Average finished just below the flat line (-0.09%) and retains its strongly bullish posture.
The NASDAQ Composite finished higher by 0.31%. It has a strongly bullish intermediate posture but its 30-day moving average is tilted slightly lower.
The Russell 2000 was today’s star. It finished higher by 1.06% as many smaller “meme stocks” surged once again; it still has a strongly bullish posture.
All major U.S. stock market indices have a “3 Green Arrows” signal and have golden crosses on their respective 10/40 weekly moving averages. Bonds also rose, with the 10 year Treasury yield falling to 1.52%.
Bitcoin struggled partially due to a recent hacking incident where the U.S. government was able to retrieve the cryptocurrency stolen from Colonial Pipeline
Oil remains strong – it hit another multi-month high and continues to have a strongly bullish intermediate posture.
Real Estate surged up to 4th place on the most recent edition of the Sector Selector. REITs rose and the Financials sector fell today as interest rates declined. Elsewhere, the Energy Sector (XLE) achieved a multi-month closing high. And Consumer Discretionary (XLY) is the only sector trading below a falling 30 day moving average.
Our trade application example featured buying shares of International Business Machines (IBM) due to its breakout to 52-week highs; the trade structure is established as a bullish trend trade with a trailing stop loss.
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Stock Market Outlook Video – News, Analysis, & Insights for June 8
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