The bulls are running on Wall Street once again with the S&P 500 Index tacking on big gains and trading near all-time highs. 90% of its components finished in the green on Tuesday!
The Russell 2000 continues to be the strongest performer, currently trading at a record all-time high.
The NASDAQ Composite and Dow Jones Industrial Average are also trading higher this week.
Naturally, the Market Forecast intermediate postures continue to flash “strongly bullish”, as they have for much of the last couple of months.
All four major stock market indices have bullish 10/40 weekly moving average crossovers, but none have a current “3 Green Arrows” signal (Russell 2000 will likely achieve that tomorrow).
Not surprisingly, the U.S. Dollar and the VIX Volatility Index are struggling this week.
While the U.S. stock market performed slightly better Tuesday, foreign stock markets hold the lead over the past 3 months.
Energy and Materials retained the top 2 positions on the Sector Selector for the 2nd straight week.
Utilities and Real Estate have been relative laggards over the past few months.
Our trade application example today featured selling a bull put spread on Apple Inc (AAPL) due to its 5% breakout above resistance on positive news, in addition to its Near-Term posture switch to bullish.
Get market insights, stock trading ideas, and educational instruction over at the Market Scholars website.
Stock Market Video – News, Analysis & Insights for December 16
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.
