Our mid-week market outlook video has got you covered. Lots of action and interesting trade setups.
Below is a summary of today’s video. Please feel free to comment or hit us up with any questions:
– Elon Musk’s proposal to take Tesla (NASDAQ: TSLA) private electrified the broad markets.
– The S&P 500 (NYSEARCA: SPY) and Dow Jones Industrial Average (NYSEARCA: DIA) both hit multi-month highs.
– All four major U.S. equity indices have a bullish intermediate posture according to the Market Forecast indicator.
– Ratio charts suggest U.S. stocks are still preferable to bonds and commodities.
– Ratio charts highlight the de-risking within the U.S. equity markets as traders have pushed Consumer Staples higher on a relative basis versus Consumer Discretionary
– With Consumer Staples stocks dropping on Tuesday, it sets up a possibility of “buy the dip”.
– Philip Morris (NYSE: PM) is a stock that has curled higher in recent months, but not with as much momentum as other Consumer Staples stocks, which might be a result of the impact of the resilient U.S. Dollar on PM’s international revenues.
– Today’s put-selling trade application example highlights where Philip Morris currently sits from a short-term perspective and also looks at its levels from a longer-term perspective that might be considered attractive for Dividend Growth Investing.
Twitter: @BrandonVanZee and @Market_Scholars
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.
