The S&P 500 (NYSEARCA: SPY) finished higher by 0.88% and achieved an all-time closing high.
All major U.S. equity indices have strongly bullish intermediate postures according to the Market Forecast indicator. They all also have 10 week moving averages currently above their respective 40 week moving averages.
The NASDAQ 100 (NASDAQ: QQQ) was up 1.3 percent and also achieved record closing highs.
The Dow Jones Industrial Average, S&P 500 and NASDAQ Composite all have “3 Green Arrows” signals, signifying strong conditions for trend trading.
The U.S. Dollar hit a multi-month high but closed near the lows of the session.
Gold (NYSEARCA: GLD) and soft commodities sold off as a result of the Dollar strength, but crude oil continued to gush higher and is now up about 25% in the last 3 months.
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Mid-Week Stock Market Video – April 23, 2019
Some additional insights from today’s stock market outlook video:
- Stock markets in India and Israel have bearish intermediate postures according to the Market Forecast indicator; however, the Israel chart appears to be continuing its series of higher highs and higher lows with a decent bounce off of a rising 30 day moving average
- Russia remains bullish with its close linkage to rising crude oil prices
- In general, cyclical sectors remain robust and defensive sectors are lagging on a relative basis
- The Technology, Industrials, and Discretionary sectors are leading the way higher on this week’s Sector Selector ranking system
- Our trade application example featured selling a bear call spread on Neilsen Holdings (NLSN) due to its relative underperformance versus the rest of the market
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