The S&P 500 Index INDEXSP: .INX fell by 0.12% today, but continues to have a strongly bullish intermediate posture.
All four major U.S. stock market indices have bullish intermediate confirmation signals; although none of the signals would be considered ideal set-ups as discussed in the video.
The Dow Jones Industrial Average and NASDAQ Composite INDEXNASDAQ .IXIC hit all-time highs today.
The Russell 2000 Index INDEXRUSSELL: RUT has come to life recently; while it hasn’t hit an all-time high, it is hitting multi-month highs and now has a “golden cross” on the 10-40 crossover method using weekly candles.
All four stock market indices also have “3 Green Arrows” signals using daily candles.
From a Factor Investing-perspective, Value is outpacing Momentum and Low Volatility(which was not the case during the early part of 2019).
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Stock Market Video – November 6, 2019
The U.S. Dollar rose for the second straight session after having an oversold cluster signal; that led to some weakness in gold.
Interest rates rose again (10 Year Treasury yield ended at 1.86%), which led to weakness in real estate and bonds.
Defensive sectors like Staples, Utilities and Real Estate currently have bearish intermediate postures using daily candles according to the Market Forecast technical indicator.
Cyclical sectors like Industrials and Financials gained strength in the most recent Sector Selector rankings and both sectors hit multi-month highs today.
All primary global stock markets have strongly bullish postures; some of the developed European countries pulled back slightly today but Japan remains a leader.
Within the secondary global stock markets, all countries have at least a weakly bullish posture; Taiwan is particularly strong.
Our trade application example featured selling an iron condor on Boeing (BA) now that its price has popped back to the midpoint of its recent 3-month range.
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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.
