The S&P 500 Index (INDEXSP: .INX) bounced higher by 0.68% after the White House and Congress reached a deal to raise the debt ceiling.
The major U.S. stock market indices – with the exception of the Russell 2000 Index INDEXRUSSELL: RUT – continue to have bullish intermediate postures according to the Market Forecast technical indicator.
Longer-term Market Sentiment posture is bullish across all four key U.S. stock market indices.
None of the key stock indices have either a “3 Green Arrows” signal or a “3 Red Arrows” signal, but the tilt is considered bullish since most of the charts have 2 Green Arrows and only 1 Red Arrow.
All four U.S. stock market indices have golden crosses using the 10 week and 40 week moving averages; the Russell 2000 continues to be the laggard directionally but has regained its 10 week moving average early in the week.
The U.S. Dollar rose 0.46% and broke through a key horizontal resistance area in the process; gold was lower as a result.
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Mid-Week Stock Market Video – July 24, 2019
Additional highlights and analysis:
- From an international perspective, stocks in Australia remain strong, but stocks in Mexico are on a disturbing slide over the past week; however, a bounce is possible now that it has produced oversold cluster signals.
- In the United States, the Materials sector was noteworthy as it was up over 2% today and closed at a multi-month high; the Financials sector is also worth keeping an eye on from a bullish perspective.
- Utilities struggled today and followed in the footsteps of their interest rate-sensitive cousins from the Real Estate sector, which started breaking down last week.
- Technology, Financials, & Health Care are leading the way on the most recent Sector Selector™ rankings.
- Our trade application example featured selling a put on Molson Coors (TAP) after learning that it raised its dividend by 39% and now has a yield over 4%.
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.
