The Russell 2000 (IWM) lead the way on Friday with a 0.89% gain, the NASDAQ Composite touched a multi-month intraday high, and the Dow Jones Industrial Average closed above the critical 26,000 level.
The S&P 500 (SPY) also had a strong end to the week; it jumped higher by 0.69% and closed above 2,800 for the first time since November.
All four major U.S. stock market indices continue to have strongly bullish Market Forecast intermediate postures and bullish Market Sentiment postures.
None of the four major U.S. stock market indices currently have a “3 Green Arrows” signal nor a “3 Red Arrows” signal.
The S&P 500 and NASDAQ Composite officially closed with a “golden cross” when using the 10 week exponential moving average versus the 40 week exponential moving average.
10-year U.S. Treasury Yields jumped for the third straight day; long term government bonds reacted inversely and TLT fell through significant horizontal support en route to an ugly 1.13% loss on the day.
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Weekend Stock Market Video – March 2, 2019
Some additional insights from today’s stock market outlook video:
- The U.S. Dollar had a big upswing today, bouncing nicely off the rising 30 day moving average.
- Strength in the Dollar lead to sharp losses for commodities like gold and oil; the gold chart is particularly precarious due to expected support not holding.
- Strength in the Dollar and weakness in gold may have contributed to an ugly 1.34% down day for equities in South Africa.
- China was a bright spot by finishing up over 1% after a better-than-expected manufacturing report was released overnight.
- All 11 sectors in the United States have bullish intermediate postures according to the Market Forecast indicator; Utilities ended the day with an overbought cluster signal and Real Estate securities underperformed due to rising interest rates.
- Technology stayed atop the rankings on the Sector Selector, but Health Care moved up to the 3rd slot and Real Estate moved down to the 5th.
- Check out our trade application example which featured buying shares of Hershey’s (HSY) as a Trend Trade.
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.
