Stock Market Outlook Gets A Boost From Russell 2000 Golden Cross

Brandon Van Zee

All four major U.S. stock market indices continue to have bullish intermediate postures according to the Market Forecast technical indicator.

The S&P 500 Index (INDEXSP: .INX) snapped its brief losing streak by finishing 0.12% higher, near the highs of the session.

The NASDAQ Composite (INDEXNASDAQ: .IXIC) and Russell 2000 (INDEXRUSSELL: RUT) also finished higher, leaving only the Dow Jones Industrial Average as a small loser for the day.

The S&P 500 and NASDAQ Composite both have “3 Green Arrows” signals using daily candles.

The Russell 2000 officially ended last week with a golden cross using the 10 week and 40 week moving averages.

The U.S. Dollar has been on an impressive bounce for the last two week but now finds itself at a horizontal resistance area.

The 10 year U.S. Treasury yield rose to 2.05% but continues to have a bearish intermediate posture; bonds largely remain in uptrends

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Mid-Week Stock Market Video – July 9, 2019

Crude oil was up today and has done a good job of trying to establish new support above its 30 day moving average.

The Energy sector has been stuck in last place on the Sector Selector for over 3 months and is the only sector that currently has a bearish intermediate posture.

Brazil and Israel were two of the strongest foreign markets today and have bullish intermediate postures.

Real Estate has been on a strong run over the last couple weeks and was one of the best sectors today.

Our trade application example featured a selling a bull put spread on Innovative Industrial Properties (IIPR), which has been one of the strongest REITs in the market recently.

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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.