US Stocks Begin the Week on a High Note

US Stocks Begin the Week on a High Note

US Stocks Begin the Week on a High Note

$DJIA, $SPY, $QQQ, $VXX

US stocks opened this week higher Monday, reclaiming about 50% of last week’s losses as Friday’s rally extended.

The DJIA led the rally + 1.4%, the S&P 500 and the NAS Comp climbed 1.1% and 1.0%, respectively, the small-cap Russell 2000 added 0.9%.

President Trump said that he is “not backing down” from his new tariff plan, but he did leave a door cracked for Canada and Mexico, saying that the 2 countries may be able to sidestep the tariffs if they agree to a “new and fair” NAFTA deal.

Overseas, stock indices in Europe finished mostly higher, but Italy’s MIB (-0.4%) under-performed after Sunday’s national elections failed to produce a clear winner.

In Germany, the CDU and SPD parties agreed on their governing coalition, thereby removing any leadership uncertainty in Europe’s largest influential economy.

In Asia, stocks finished mixed, with Hong Kong’s Hang Seng (-2.3%) showing relative weakness.

Investors received 1 piece of economic data Monday, the ISM Services Index for February, which came in better than expected (59.5 actual Vs 58.8 consensus). The Key takeaway from the report is that business activity in the non-manufacturing sector is still running at a healthy level, which is contributing to rising costs.

Monday, the major US stock market indexes finished at: DJIA +336.70 at 24874.76, NAS Comp +72.84 at 7330.70, S&P 500 +29.69 at 2720.94

Volume: Trade on the NYSE came in at: 894-M/shares exchanged.

  • NAS Comp +5.1% YTD
  • S&P 500 +1.2% YTD
  • DJIA +1.9% YTD
  • Russell 2000 -1.1% YTD

HeffX-LTN’s Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
5 March 2018 QQQ 167.89 Bullish (0.28) 166.19 169.58
5 March 2018 DIA 247 Neutral (-0.08) 244.77 248.77
5 March 2018 SPY 272.62 Bullish (0.28) 271.66 275.52

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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