House of Representatives Pass ‘Sweeping’ Tax Reform Bill

House of Representatives Pass ‘Sweeping’ Tax Reform Bill

House of Representatives Pass ‘Sweeping’ Tax Reform Bill

Bulls Take Control of Financial Markets

$DIA, $SPY, $QQQ, $VXX

The House of Representatives approved a package of tax cuts affecting businesses, individuals and families Thursday, moving Republicans and President Donald Trump an important step closer to the biggest tax code overhaul in a generation.

The largely party-line 227-205 vote shifted the tax debate to the Senate, where that chamber’s separate plan has already encountered resistance from some Republicans.

No decisive Senate action was expected until after next week’s Thanksgiving Holiday.

President Trump, who is looking for his 1st major legislative win since he took office in January, went to the Capitol just before the vote to urge Republicans to pass the tax measure.

“Passing this bill is the single biggest thing we can do to grow the economy, to restore opportunity, to help these middle-class families that are struggling,” House Speaker Paul Ryan told lawmakers before the vote.

Congress has not thoroughly overhauled the sprawling US tax code since Republican Ronald Reagan was President in Y 1986.

Thursday, the US major stock market indexes finished at: DJIA +187.08 at 23458.36, NAS Comp +87.08 at 6793.30, S&P 500 +21.02 at 2585.64

Volume: Trade on the NYSE came in at: 776-M/shares exchanged

  • NAS Com[ +26.2% YTD
  • DJIA +18.7% YTD
  • S&P 500 +15.5% YTD
  • Russell 2000 +9.6% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Very Bullish (0.54) Bullish (0.42) Very Bullish (0.62) Very Bullish (0.58)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Bullish (0.45) Bullish (0.32) Very Bullish (0.52) Very Bullish (0.50)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Very Bullish (0.52) Very Bullish (0.50) Very Bullish (0.54) Very Bullish (0.53)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.26) Neutral (0.06) Very Bearish (-0.51) Bearish (-0.33)

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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