The S&P 500 Index rose by 1.34% Tuesday and reverted back to a strongly bullish intermediate posture according to the Market Forecast indicator.
The NASDAQ Composite was the laggard with a gain of 0.94%, just one day after a strong reversal in many technology stocks.
The Dow Jones Industrial Average was Tuesday’s leader with a strong move of 2.13%.
All four major U.S. stock market indices have bullish postures; the Russell 2000 is the only one trading below its 30 day moving average.
The Russell 2000 is the only major index to not currently have a “3 Green Arrows” trend trading signal.
The U.S. Dollar continues to be weak, which has led to strength in commodities, foreign stocks/bonds, and multi-national stocks based in the U.S.
Gold continues to shine; it rallied another 0.47% today to just over $1,800 per ounce and continues to have a strongly bullish intermediate posture.
Stock Market Video – July 14
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Developed foreign stocks outperformed Emerging Markets and U.S. stocks today; all three areas have strongly bullish postures.
Foreign bonds have also benefited in recent weeks from a declining U.S. Dollar.
Energy and Materials were the strongest sectors today with positive price action out of cyclical/risk-on/recovery plays.
Communications and Technology both rallied today but found themselves short of yesterday’s highs; they both have strong rankings on the Sector Selector.
Our trade application example featured a bullish swing trade on Kirkland Lake Gold (KL) due to it bouncing off of a strong support area after a gap-fill.
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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.
