S&P 500 Marks New Record Highs Intra-day

S&P 500 Marks New Record Highs Intra-day

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

The S&P 500 edged lower to cap a 4-session win streak Tuesday and it retreated from a record high on some profit taking.

Hopes of a US-China trade deal and expectations of another interest rate cut by the FOMC when it concludes its 2-day meeting Wednesday have pushed stocks higher the past several sessions, sending the S&P to its 2nd straight record intra-day high at 3,047.87 with NYSE volume at 808-M/shares exchanged on the day

The indexes pulled back after a Trump Administration official told Reuters that Washington and Beijing are continuing to work on an interim trade agreement, but it may not be completed in time for the leaders of the 2 countries to sign in Chile next month.

“It is actually impressive that we have held these gains, even if we are down slightly, it is a pretty impressive day considering what is going on, that there hasn’t been this hard sell-off pressure,” said chief market strategist at TD Ameritrade in Chicago.

“The encouraging thing is we are trading more on what you should be trading on, that being earnings, and less on rumor and innuendo, which is a nice change of pace and how the market should work.”

Tech shares, which have been closely tied to trade progress, lost ground after the report and were last down 0.92%.

Q-3 earnings of S&P 500 companies have been better than expected, with over 77% of the 236 firms to report so far surpassing profit expectations, according to Refinitiv data. Still, earnings are expected to decline by 1.9% for the Quarter.

The DJIA fell 20.04 points, or 0.07%, to 27,070.68, the S&P 500 lost 2.54 points, or 0.08%, to 3,036.88 and the NAS Comp dropped 49.14 points, or 0.59%, to 8,276.85.

  • NAS Comp +24.7% YTD
  • S&P 500 +21.1% YTD
  • Russell 2000 +17.0% YTD
  • DJIA +16.1% YTD

HeffX-LTN overall technical outlook for the major US stock market indexes is Very Bullish with no overhead resistance in the S&P 500.

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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