S&P 500 Finished Higher, Bonds Tumble

S&P 500 Finished Higher, Bonds Tumble

S&P 500 Finished Higher, Bonds Tumble

$DIA, $SPY, $QQQ, $VXX

US stocks ended Friday’s session higher, paring, as savvy investors believe that President Trump’s tough tariff talk will not translate into the most severe protectionist policies.

Treasuries slumped as the Buck fell.

The S&P 500 Index finish near session highs paring its weekly decliner to 2%. The DJIA charged back to all but erase a fall that saw 400 pts off on the lows.

The threat of a trade war dubbed The Trump Torpedo is said to have triggered the early selling, only to ease as the President’s recent history of backing off seemingly iron-clad policy positions gave rise to speculation the actual levies may not disrupt global growth.

People forget that President Trump is a negotiator, and when you negotiate, you don’t negotiate from the point where you want it to end up, you stake out, and you negotiate from there. Thursday was the stake.

“No steel, No country, and trade wars are good.”

President  Trump pushed back against criticism of the steel and aluminum tariffs he proposed Thursday, saying “trade wars are good.”

Consumer Sentiment

The Key takeaway from the report is that consumer sentiment remains near multi-year highs with consumers showing little concern about the prospect of rising interest rates.

Friday, the US major stock market indexes finished at: DJIA -70.92 at 24538.06, NAS Comp +77.31 at 7257.86, S&P 500 +13.58 at 2691.25

Volume: Trade on the NYSE came in at: 919-M/shares exchanged

  • NAS Comp +5.1% YTD
  • S&P 500: +0.7% YTD
  • Dow J -0.7% YTD
  • Russell 2000: -0.2% YTD

HeffX-LTN’s Market Indexes Technical Analysis (week ending 2 March)

Date Symbol Price Technical Analysis Support Resistance
2 March 2018 QQQ 165.44 Neutral (0.18) 165.03 169.58
2 March 2018 DIA 243.99 Neutral (-0.14) 238.61 244.77
2 March 2018 SPY 268.93 Neutral (-0.09) 267.60 271.56

Have a terrific weekend.

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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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