The S&P 500 Index rose by 0.17% today to its highest level in about 5 months.
The NASDAQ Composite was the laggard as it fell by 0.81% and the Russell 2000 was the day’s biggest winner by rising 1.33%.
All four major U.S. equity indices now have strongly bullish intermediate postures, according to the Market Forecast technical indicator.
All four indices also have a “3 Green Arrows” signal.
The Dow Jones Industrial Average is on pace for officially closing the week with a “golden cross” on the 10/40 weekly moving average crossover chart.
The U.S. Dollar fell 0.62% today to its lowest level in several months.
Stock Market Video – July 21, 2020
Commodities like gold and oil roared higher; gold is now at its highest level in over 7 years.
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Foreign investments also benefited from the falling Dollar with foreign bonds emerging markets stocks outperforming their U.S. counterparts.
Technology was the day’s biggest sector loser(-1.00%) while Energy was the biggest winner (6.04%).
The Energy sector has notoriously underperformed for years, but is setting up for a possible inverted head-and-shoulders breakout if it can get past its downward trending 30 day moving average.
Materials made a strong advance on the Sector Selector rankings this week.
Our trade application example featured selling a put on J.M. Smucker (SJM) due to it announcing a dividend increase and seeing its Near-Term posture shift to bullish today.
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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.
