Stock Market Outlook Mixed As Buyers Try To Defend Bullish Trend

The S&P 500 Index rose 0.17% today, showing resilience in the face of selling. The index continues to have a strongly bullish intermediate posture and is trading above its rising 30 day moving average.

The Dow Jones Industrial Average was today’s leader with an advance of 0.55%. It’s now back above its rising 30 day moving average but still has a weakly bearish posture.

The NASDAQ Composite was today’s laggard. It fell 0.50% but still has a strongly bullish posture and is trading above its rising 30 day moving average.

The Russell 2000 fell for its fifth straight day (-0.15%). It is trading below its rising 30 day moving average and has a weakly bearish posture.

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All four major U.S. stock market indices saw wider trading ranges today than is typically the case. That said, they all finished well off their lows.

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Interest rates rose strongly yet again and are now near 3 month highs. The 10 Year Treasury Yield ended at 1.67% and is considered strongly bullish.

Long Term U.S. Treasuries fell strongly (-1.45%); they are trading below their rising 30 day moving average and have a strongly bearish intermediate posture.

The U.S. Dollar fell 0.04% today after being on an absolute tear higher for the past few weeks. It remains strongly bullish. Gold fell 0.87% today and is now trading directly in the middle of its 3 month range; it has a weakly bearish posture and is back below its rising 30 day moving average.

Our trade application example featured selling a bull put spread on Walmart (WMT) due to its bounce back towards the rising 30 day moving average, along with a posture shift from bearish to bullish on both the Near-Term line and the Intermediate line.

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

Stock Market Outlook Video (for November 24) – News and Analysis

Twitter:  @BrandonVanZee and @MarketScholars

The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not represent the views or opinions of any other person or entity.