The S&P 500 Index (INDEXSP: .INX) vaulted higher by 0.77% and achieved new all-time closing and intraday highs; the S&P 500 futures were trading above 3,000 for the first time ever afterhour.
The NASDAQ Composite (INDEXNASDAQ: .IXIC) and Russell 2000 also provided fireworks with their own record closing prices entering the 4th of July holiday.
All four major U.S. equity indices continue to have bullish intermediate postures according to the Market Forecast technical indicator.
It is looking very likely that the Russell 2000 will achieve a golden cross using the 10 week and 40 week moving averages upon the weekly candle close on Friday.
The VIX fell again today, closing below 13 and finishing with an oversold cluster; the U.S. Dollar was flat and remains just below its falling 30 day moving average.
Interest rate-sensitive securities were strong again today led by government bonds, foreign bonds and preferred stocks; the 10 year U.S. Treasury yield fell to a multi-month low of 1.95%.
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Mid-Week Stock Market Video – July 3, 2019
Some additional insights from today’s stock market outlook video:
Australia was the big winner from a foreign stock market perspective today; it surged 1.24% and ended at a fresh multi-month high.
The defensive/interest rate-sensitive sectors led the market rally for the second straight day; Consumer Staples and Real Estate were both up over 1%.
Energy is the only sector in the United States with a bearish intermediate posture.
Our trade application example featured a buying a bull call spread on Mondelez (MDLZ) now that its posture is back to bullish and its achieving new highs.
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