Fed Upbeat on US Economy, the NAS Marks Another Record High

Fed Upbeat on US Economy, the NAS Marks Another Record High

Fed Upbeat on US Economy, the NAS Marks Another Record High

$DIA, $SPY, $QQQ, $RUTX, $VXX

Tuesday the NASDAQ marked a fresh record, as the Fed Chief, Jay Powell, offered an upbeat appraisal of the US economy.

The tech-rich NAS Comp gained 0.6% to 7,855.12, 30 pts above the record set on 13 July .

The benchmark S&P 500 advanced 0.4% to 2,809.55.

Stocks had opened lower following disappointing results from Netflix (NASDAQ:NFLX) that also weighed on other large technology companies.

Netflix finished down 5.2% as it reported that Quarterly membership grew 5.2-M to 130-M shy of what the company had forecast. The streaming company was down more than 14% at session lows.

Analysts said the early declines prompted bargain-hunting, propelling Google parent Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB) and Microsoft (NaSDAQ:MSFT) + 1% or more.

Investor sentiment was also boosted by a congressional appearance by Fed Chair Jerome Powell, who said US economic conditions remained solid even as he acknowledged some uncertainty over trade conflicts.

Tuesday, the major US stock market indexes finished at: DJIA +55.53 at 25119.89, NAS Comp +49.40 at 7855.13, S&P 500 +11.12 at 2809.29

Volume: Trade on the NYSE came in at 708-M/shares exchanged.

  • NAS Comp +13.8% YTD
  • Russell 2000 +9.9% YTD
  • S&P 500 +5.1% YTD
  • DJIA +1.6% YTD

HeffX-LTN’s US Major Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
17 July 2018 QQQ 180.21 Bullish (0.42) 178.72 185.34
17 July 2018 DIA 251.19 Neutral (0.21) 250.79 250.79
17 July 2018 SPY 280.92 Bullish (0.39) 279.21 286.39

 

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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