The S&P 500 (NYSEARCA: SPY) fell by 0.08% today and closed near the lows of the session.
All four major U.S. stock market indices continue to have strongly bullish Market Forecast intermediate postures and bullish Market Sentiment postures.
All four stock indices also ended the day with bullish intermediate confirmation signals; however, near-term divergences are also being established which makes things more cloudy than usual.
The Dow Jones Industrial Average is the only index that retains its “3 Green Arrows” signal due to red arrows being established on the MACD histograms of the other three stock indices.
While the week is still young, at this point, the S&P 500 and NASDAQ Composite have joined the Dow Jones Industrial Average with a positive 10-40 week moving average crossover.
Bonds jumped higher and Treasury Yields fell after absorbing comments from Federal Reserve Chairman Jerome Powell.
Mid-Week Stock Market Video – February 26, 2019
Some additional insights from today’s stock market outlook video:
- Agriculture commodities continue to be in a downtrend, but an oversold cluster signal was established today, so a quick reversion-to-the-mean bounce could be in the cards in the short-term
- Get market insights, stock trading ideas, and educational instruction over at the Market Scholars website.
- The U.S. Dollar fell again, but it’s currently sitting atop its rising 30 day moving average, where it could find support
- Gold and Oil both rose slightly today and remain above rising 30 day moving averages
- Brazil and Russia currently have bearish intermediate postures, but due to their prices being near 3-month highs, trades should be approached with caution until key support levels are broken
- China fell today after surging yesterday; it remains firmly embedded with a bullish intermediate posture
- The Communications sector ETF has a bearish intermediate posture; the Technology sector overtook the number 1 ranking on the Sector Selector tool
- Our trade application example featured a bearish trade by selling a bear call spread on UnitedHealth (UNH), which has now crossed below its 30 day moving average and has a weakly bearish intermediate posture
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.
