The S&P 500 finished higher by 0.10% on Tuesday while establishing a new all-time closing high.
All major U.S. stock market indices have strongly bullish intermediate postures according to the Market Forecast indicator. They all also have 10 week moving averages currently above their respective 40 week moving averages.
The NASDAQ Composite finished lower by 0.81%. It likely struggled on a relative basis today because of Google’s earnings disappointment (GOOG).
Apple (AAPL) reported earnings after hours and saw some modest price improvement, which could bode well for tomorrow’s stock market open.
The S&P 500 and the Russell 2000 maintained their “3 Green Arrows” signals, but the NASDAQ lost its signal because of the red arrow produced on its MACD histogram.
The U.S. Dollar pulled back today, but remains entrenched in a well-defined uptrend. Gold prices were higher as a result.
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Mid-Week Stock Market Video – April 30, 2019
Some additional insights from today’s stock market outlook video:
- Stocks in Germany have quietly assumed a leadership role; meanwhile, stocks in India and China are stalling out near resistance
- The Energy and Materials sectors currently show a bearish intermediate postures according to the Market Forecast indicator
- Consumer Staples haven’t received glitzy headlines during this bull market rally; however, their charts are looking very strong and the Sector Selector tool highlights their ranking improvement for the last 4 consecutive weeks
- Our trade application example featured selling a put on Altria (MO), which received positive FDA news today and is priced near an attractive entry for long term investors as it approaches a 6% dividend yield
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.
