All four major U.S. stock market indices continue to have strongly bullish Market Forecast intermediate postures along with bullish Market Sentiment postures.
In today’s action, the S&P 500 fell by 0.15% after a weak consumer confidence report, but it retains its strongly bullish intermediate posture.
The NASDAQ Composite lost its “3 Green Arrows” signal today. However, with Apple’s (NASDAQ: AAPL) strong earnings results after the closing bell, it might be able to get its green arrow on the MACD histogram back as soon as tomorrow.
The NASDAQ Composite currently has a Bullish Intermediate Confirmation signal, which occurs when a chart has a bullish intermediate posture combined with a momentum line in the lower reversal zone.
Earnings season is in full bloom; 3M (MMM) helped support the Dow Jones Industrial Average today on a relative basis and Whirlpool (WHR) had a significant reversal on an intraday basis compared to where it was trading in the premarket.
Gold (GLD) has been breaking out for the last 3 days after showing exceptional resilience for the first part of 2019
Mid-Week Stock Market Video – January 29, 2019
Some additional insights from today’s stock market outlook video:
- Income producing asset classes like preferred stocks, MLPs, REITs, and bonds mostly have bullish intermediate postures
- India (EPI) is the only major foreign market with a bearish intermediate posture; its price action has been deteriorating in the last week with a break below an important horizontal support area
- South Africa (EZA) and Brazil (EWZ) continue to be bullish with prices near 3-month highs
- The Industrials (XLI) and Materials (XLB) sectors were the leaders today; meanwhile, some of the defensive sectors have been struggling to keep up
- Our trade application example features a long call vertical spread on an ETF that tracks larger gold mining stocks (GDX)
Get market insights, stock trading ideas, and educational instruction over at the Market Scholars website.
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.
