Monday, we saw more of the same resistance to selling pressure, as the Bulls remain in charge.
The major indices posted modest gains, as the market remained resilient to selling pressure and enthused by reopening prospects and ignoring the riots.
The S&P 500 (+0.4%) and NAS Comp (+0.4%) both increased 0.4%, while the Russell 2000 (+0.8%) and DJIA (+0.7%) led.
Early in the day, investors showed little concern following the nationwide protests over the death of George Floyd and a report that suggested Chinese officials instructed major state-run agricultural companies to pause their purchases of some US agricultural products.
Despite the negative backdrop, reopening optimism drove stocks North.
Shares of hammered small-caps, banks, airlines, cruise lines, and energy companies were among the biggest gainers.
At the same time, investors assumed some defensive positioning within the mega-caps and the S&P 500 real estate (+2.1%) and utilities (+1.0%) sectors, which outperformed alongside the financials (+1.2%) and energy…
Monday, the major US stock market indexes finished at: DJIA +91.91 at 25475.02, NAS Comp +62.18 at 9552.07, S&P 500 +11.42 at 3055.60
Volume: Trade on the NYSE came in at 904-M/shares exchanged
- NAS Comp +6.5% YTD
- S&P 500 -5.4% YTD
- DJIA -10.7% YTD
- Russell 2000 -15.8% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias across the board as all Key indicators are Very Bullish in here.
Looking Ahead: Investors will receive auto and truck sales throughout the day Tuesday.
Have a healthy day, Keep the Faith!