Stock Market Outlook Clouded By Mixed Signals and Volatility

The S&P 500 Index fell -0.48% but it had risen enough in the last three sessions that its intermediate Market Forecast posture transitioned back to weakly bullish.

All four major U.S. stock market indices have weakly bullish intermediate postures but are trading below their falling 30-day moving averages, suggesting indecision within the market.

All four major U.S. stock market indices have a mix of Green and Red arrows, another sign that trends are not strong for the bulls or bears right now.

All four major U.S. stock market indices still have golden crosses (10 week moving averages above 40 week moving averages); the Russell 2000 is the closest to a death cross.

Energy-focused commodities like oil and natural gas got hit hard today; on the other hand, metals such as gold and silver saw a bit of buying.

The gold chart has rallied in the past week since receiving its oversold cluster signal, but new resistance at the prior horizontal support area is expected.

Stock Market Video – News, Analysis & Insights for September 30th

Get market insights, stock trading ideas, and educational instruction over at the Market Scholars website.

The 10 year Treasury Yield fell to 0.64%; foreign bonds stand out within the fixed income space due to their relative strength.

Foreign stocks essentially broke even today and outperformed U.S. markets.

Only Communications finished higher today from a sector-perspective; Energy was the biggest loser due to falling oil/gas prices.

There wasn’t much change at the top of the Sector Selector this week, but Health Care rose and Financials fell within the middle portion of the rankings.

Our trade application example featured selling a bear call spread on Slack Technologies (WORK) due to its bearish Near-Term Divergence and its bounce down from a resistance area.

Twitter:  @BrandonVanZee and @Market_Scholars 

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.

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