Major Indexes Crack the Key Resistance and Fade to Flat

Major Indexes Crack the Key Resistance and Fade to Flat

$DIA $SPY $QQQ $RUTX $VXX

Tuesday, the major US stock indexes finished flat to unchanged after cracking Key overhead resistances.

Stocks gapped up at the open after markets across Asia and Europe had good action overnight.

The sharply higher start was attributed to optimism about a potential plateau in coronavirus cases, but the Key indices hit their best marks within 5 mins of the open and traders took profits filling the gap. 

President Trump said he is working with business leaders to reopen and kickstart the economy putting Americans back to work. He is pushing for another $250-B for small business assistance.

He wants an $1.5-T infrastructure package and declared “No Green New Deal”

Senate Majority Leader, Mitch McConnell (R-KY), said that he expects the increase to the SBA loan program to be approved Thursday.

Larry Kudlow said that in the next 4-8 wks we will be able to reopen the economy and that the power of the virus will be substantially reduced.

Wall Street is already bringing it traders back to the floor as billions of dollars are at stake here.

Tuesday, the major US stock market indexes finished at: DJIA -26.13 to 22653.86, NAS Comp -25.98 to 7887.26, S&P -4.27 to 2659.41

Volume: Trade on the NYSE came in at 1.47-B/shares exchanged

  • NAS Comp -12.1% YTD
  • S&P 500 -17.7% YTD
  • DJIA -20.6% YTD
  • Russell 2000 -31.7% YTD

The CBOE Volatility Index (VIX 46.29, +1.05, +2.3%), this indicator is Bullish in here.

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Neutral with a Bullish bias.

Looking Ahead: Wednesday’s data will be limited to the release of the weekly MBA Mortgage Index.

Have a healthy day, stay home, Keep the Faith!

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