The S&P 500 Index INDEXSP: .INX touched a new intraday all-time high, but finished flat as markets went into a holding pattern before the FOMC interest rate decision tomorrow.
The S&P 500, Dow Jones Industrial Average, and NASDAQ Composite INDEXNASDAQ: .IXIC have bullish intermediate confirmation signals.
The Russell 2000 Index INDEXRUSSELL: RUT was the strongest performer today (+0.33%) but remains below its highs from the summer.
All indices have “3 Green Arrow” signals and bullish intermediate postures according to the Market Forecast indicator; the S&P 500 and NASDAQ Composite are trading above rising 30 day moving averages.
The Russell 2000 has a bullish crossover on the 10/40 week moving average system for the first time since July, but the signal won’t be confirmed until this week’s candle closes on Friday.
Long Term U.S. Treasuries and foreign bonds each have bearish postures but also ended with oversold cluster signals, opening up the possibility for a short-term bounce.
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Stock Market Video – October 30, 2019
Developed foreign markets continue to be slightly more bullish than emerging markets; both categories are outperforming stocks in the United States.
Utilities and Real Estate are the only two sectors in the United States with weakly bearish intermediate postures.
Health Care was by far-and-away the biggest sector winner today(+1.42%) and Communications and Technology tied for the worst performance(-0.91%).
All primary global stock markets have strongly bullish postures, with leadership coming from Japan, Germany, France, and Italy.
Within the secondary global stock markets, only Saudi Arabia has a bearish intermediate posture.
Our trade application example featured buying a bear put spread on Disney (DIS) now that it has a bearish intermediate posture and is bouncing lower off of its falling 30 day moving average.
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