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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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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