Today, the Dow Jones Industrial Average chart formed a co-called “Golden Cross” where the 50 and 200 day moving average cross.  This is considered a very bullish chart formation.

It’s another solid session for the market with the Dow Jones Industrial Average edging higher, led by Boeing (BA), which seems to have found its footing again after CEO Dennis Muhlenberg’s letter to the airlines, passengers and the aviation industry.

I get there is only so much he could be contrite about without creating additional legal problems, but the words felt mechanical.  His video was more pervasive.

Meanwhile, the Dow sees some resistance at 26,091.  But the big breakout happens with a close above 26,191.  Although it’s been an orderly session, the upside move is gaining strength as buying begets buying.

Dow Jones Industrial Average 

Message of the Market

Value is the focus of today’s session.

Broadening out the market sees investors flee safe havens and seek value, which has resulted in Consumer Discretionary led by long-time laggards Ford (F), Metro Goldwyn Meyer (MGM) and L Brands (LB).

Speaking of value, the best performing sector is Materials, led by WestRock (WRK) and Martin Marietta Materials (MLM).

But momentum will be an intricate part of any rally, and all the household momentum names are higher except Netflix (NFLX).

Of course, a lot of the rally is taking into account a more accommodative Fed, and potential changes to be mentioned tomorrow, and an eventual trade deal with China.   I also think low expectations for the economy and corporate earnings are going to power stocks higher on positive surprises.