The S&P 500 (SPX) finished flat but did achieve a 5-month intraday high along the way. It has a strongly bullish intermediate posture according to the Market Forecast indicator.
This holds true for the Nasdaq and Technology stocks. The Tech sector has been a leader in 2019.
All major U.S. stock market indices have bullish intermediate postures. However, the Russell 2000 is considered to be weakly bullish.
The Dow Jones Industrial Average finished with a bullish intermediate confirmation signal, but the set-up isn’t considered ideal because the near-term line remains in the upper reversal zone.
The Russell 2000 is the only major U.S. equity index to retain its bearish 10-40 week moving average crossover and to not currently have a “3 Green Arrows” signal using a daily chart.
The U.S. Dollar finished up today, but well off the highs. It currently sits in a resistance zone where traders will wait to see if a multi-month breakout is in the cards.
Crude oil continues to be one of the true workhorses of this market. It’s now up 35% in just 3 months and retains its bullish intermediate posture.
Mid-Week Stock Market Video – April 2, 2019
Some additional insights from today’s stock market outlook video:
- Get market insights, stock trading ideas, and educational instruction over at the Market Scholars website.
- REITs continue to strengthen, but the VNQ ETF now has an overbought cluster signal using a daily candle chart
- Despite the strength in the U.S. Dollar, most foreign equity markets are holding up nicely; Russia is a rare example of a bearish intermediate posture even though its price remains above a rising 30 day moving average
- Somewhat surprisingly, Energy stocks struggled on a relative basis today despite the nice move out of crude oil
- The Technology sector remains this market’s leader; not only is it ranked 1st for the third consecutive week on the Sector Selector, but it’s also up 21% in price over the past 3 months
- Our trade application example featured purchasing shares of Cisco (CSCO), which hit a 19 year high today, as a trend trade utilizing a trailing stop
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.