Tuesday’s star performing stock market index was the NASDAQ Composite (+3.69%). That said, it retains its bearish intermediate posture and is still below its 30 day moving average. The Nasdaq also has a “3 Red Arrows” signal.
In large cap tech-land, 90% of the NASDAQ 100 Index components finished in the green, which is a stark contrast to only about half of the S&P 500 Index components to make that claim.
The S&P 500 Index rallied 1.42% and reclaimed its 30 day moving average. The index once again has a bullish intermediate posture according to our Market Forecast indicator.
The Dow Jones Industrial Average hit a new all-time intraday high, but then finished flat (+0.10%). It also continues to have a bullish intermediate posture. The Dow Jones Industrial Average has a “3 Green Arrows” signal.
Last but not least, the Russell 2000 closed higher on Tuesday by 1.91% and it is now back above its rising 30 day moving average. It also has a bullish intermediate posture.
The U.S. Dollar and Treasury interest rates fell today, which encouraged gold to bounce higher by over 2% off of its recent oversold cluster signals.
Emerging markets outperformed today with a 2.2% bounce, but continue to have a strongly bearish intermediate posture.
Bitcoin rose a touch and remains in a strong upward trajectory as it continues to trade above $50,000.
Oil fell for the second straight day, but continues to have one of the strongest charts among the various asset classes. Energy was the worst performing sector today (-1.75%), but continues to be the strongest over the intermediate term. Energy ranked #1 on the Sector Selector tool and Technology’s rank slipped one slot, week-over-week.
Our trade application example featured buying shares in Core Laboratories (CLB) after it outperformed its peers today when it achieved a new 52-week high; it also features a strong top-down ranking by belonging to the top sector and industry on our Stock Selector tool.
Get market insights, stock trading ideas, and educational instruction over at the Market Scholars website.
Stock Market Video – News, Analysis & Insights for March 9
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.
