President Trump’s China Trade Tweet Drives the Market North

President Trump’s China Trade Tweet Drives the Market North

President Trump’s China Trade Tweet Drives the Market North

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

  • US stocks rose for a 3rd day running Thursday after President Trump said trade talks with China were “moving along nicely” boosted investors optimism.
  • President Trump Tweeted that he had a “long and very good conversation” with China’s President Xi, adding that discussions have been moving along nicely with meetings being scheduled at the upcoming G-20 Summit in Argentina.

China President Xi confirmed he spoke with President Trump over the phone, expressing his willingness to meet with him at the G-20 Summit, hopeful for a stable relationship with the US

Cyclical sectors took to the news, as the materials (+3.0%), consumer discretionary (+2.2%), and industrial (+1.7%) groups finished atop the sector standings.

The lightly-weighted materials sector was also largely helped by its top-weighted component,DowDuPont (NYSE:DWDP) 58.27, +4.35, +8.1%, beating earnings estimates.

Thursday, the major US stock market indexes finished at: DJIA+264.98 at 25380.74, NAS Comp +128.16 at 7434.25, S&P 500+28.63 at 2740.51

Volume: Trade on the NYSE came in at 1.0-B/shares exchanged

Advancers outnumbered decliners by a 3-to-1 ratio on the NYSE and by a 3.26-to-1 ratio on the NAS.

The S&P index recorded 11 new 52-week highs and 2 new lows, while the NAS  recorded 25 new highs and 40 new lows.

  • Nasdaq Composite +7.7% YTD
  • Dow Jones Industrial Average +2.7% YTD
  • S&P 500 +2.5% YTD
  • Russell 2000 +0.6% YTD

Heffx-LTN’s US Major Stock Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
1 November 2018 QQQ 171.87 Bearish (-0.30) 169.34 174.91
1 November 2018 DIA 253.75 Neutral (-0.20) 253.59 254.95
1 November 2018 SPY 272.98 Bearish (-0.46) 272.16 274.21

 

Stay tuned…

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