US Stocks Morning Briefing

US Stocks Morning Briefing

US Stocks Morning Briefing

$DIA, $SPY, $QQQ

US equities began Y 2018 on a positive note, boosted by a sense of optimism for this New Year.

The major stock indices mostly reclaimed the losses registered ahead of the extended New Year’s weekend, with the tech-heavy NAS Comp (+1.5%) finishing above the 7000 mark for the 1st time ever.

The S&P 500 (+0.8%) also finished at a new record high, while the DJIA (+0.4%) under-performed.

  • DJIA +104.79 at 24824.01, NAS Comp +103.51 at 7006.90, S&P 500 +22.18 at 2695.79

Keeping track

  • NAS Comp: +1.5% YTD
  • Russell 2000: +0.9% YTD
  • S&P 500: +0.8% YTD
  • DJIA: +0.4% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Very Bullish (0.55) Bullish (0.49) Very Bullish (0.50) Very Bullish (0.67)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Very Bullish (0.57) Very Bullish (0.51) Very Bullish (0.60) Very Bullish (0.58)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Bullish (0.42) Neutral (0.17) Very Bullish (0.62) Bullish (0.47)

No notable companies reported earnings after the close.

Futures are slightly lower after hours: S&P 500 futures are -2 from fair value of 2696, and NAS Comp futures are -8 from fair value of 6523.

Wednesday morning, CMC, NEOG and UNF are expected to report earnings.

Economic data out Wednesday morning: December ISM Index (consensus 58 from 58.2 in November) at 10:00a EST, November Construction Spending (Consensus +0.7% from +1.4% in October) at 10:00a EST. December auto sales will be reported too.

In addition, the minutes from the December FOMC meeting will cross the wires at 02:00p EST, and December auto and truck sales will be released during the day.

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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