The S&P 500 Index achieved another all-time high and finished at 4,141 (+0.33%); it continues to have a strongly bullish intermediate posture.
The NASDAQ Composite lead the way Tuesday, however, with an advance of 1.05%. It is now less than 2 percent away from its high from February and also has a strongly bullish posture.
It was a mixed day overall for traders, as the Dow Jones Industrial Average fell for the second straight day (-0.20%), but continues to have a strongly bullish intermediate posture. The Russell 2000 Index also fell (-0.22%)… but it is the odd-man out due to its weakly bearish intermediate posture – it is trading below its falling 30 day moving average. It is also the only major U.S. stock market index that does not have a “3 Green Arrows” signal.
All four major U.S. stock market indices have bullish 10 week/40 moving average crossovers; the NASDAQ Composite showed an uptick in its PPO due to recent strength.
Bitcoin (+4%) and Ethereum (+5%) were quite strong on the eve of the Coinbase (COIN) IPO; they both hit all-time highs have strongly bullish postures. Meanwhile, the U.S. Dollar fell 0.36% and sliced straight through its 30 day moving average. U.S. Dollar weakness assisted in pushing commodities like gold (0.71%) and oil (1.22%) higher.
Gold continues to produce constructive price action; it is now trading above its rising 30 day moving average and continues to have a strongly bullish posture.
Turning to our sector analysis, Energy is the only sector that currently has a strongly bearish intermediate posture.
Our trade application example featured selling a put on IHeartMedia Inc (IHRT) due to the major breakout on heavy volume Tuesday; it once again has a strongly bullish intermediate posture and remains within a series of higher highs and higher lows.
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Stock Market Video – News, Analysis & Insights for April 13
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