Tuesday’s star performing stock market index was the NASDAQ Composite (+3.69%). That said, it retains its bearish intermediate posture and is still below its 30 day moving average. The Nasdaq also has a “3 Red Arrows” signal.
In large cap tech-land, 90% of the NASDAQ 100 Index components finished in the green, which is a stark contrast to only about half of the S&P 500 Index components to make that claim.
The S&P 500 Index rallied 1.42% and reclaimed its 30 day moving average. The index once again has a bullish intermediate posture according to our Market Forecast indicator.
The Dow Jones Industrial Average hit a new all-time intraday high, but then finished flat (+0.10%). It also continues to have a bullish intermediate posture. The Dow Jones Industrial Average has a “3 Green Arrows” signal.
Last but not least, the Russell 2000 closed higher on Tuesday by 1.91% and it is now back above its rising 30 day moving average. It also has a bullish intermediate posture.
The U.S. Dollar and Treasury interest rates fell today, which encouraged gold to bounce higher by over 2% off of its recent oversold cluster signals.
Emerging markets outperformed today with a 2.2% bounce, but continue to have a strongly bearish intermediate posture.
Bitcoin rose a touch and remains in a strong upward trajectory as it continues to trade above $50,000.
Oil fell for the second straight day, but continues to have one of the strongest charts among the various asset classes. Energy was the worst performing sector today (-1.75%), but continues to be the strongest over the intermediate term. Energy ranked #1 on the Sector Selector tool and Technology’s rank slipped one slot, week-over-week.
Our trade application example featured buying shares in Core Laboratories (CLB) after it outperformed its peers today when it achieved a new 52-week high; it also features a strong top-down ranking by belonging to the top sector and industry on our Stock Selector tool.
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Stock Market Video – News, Analysis & Insights for March 9
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