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