S&P 500 Marks Record High on Positive Data

S&P 500 Marks Record High on Positive Data

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

FLASH: The S&P 500 and NAS Comp marked new closing, and intra-day records Monday on a modest advance.

Leadership came from the S&P 500 financials and communication services sectors in front of busy news and earnings week

Analysts now expect earnings of S&P 500 companies to have fallen just 0.2% in Q-1, a sharp improvement from a 2% fall estimated at the beginning of the month, according to IBES data from Refinitiv data.

The S&P 500 posted 38 new 52-week highs and no new lows; the NAS Comp recorded 79 new highs and 25 new lows.

The market action Monday, bolster the outlook that this Bull market has further to run, on solid consumer activity and muted inflation pressure

The market is seeing a resolution of the US-China trade dispute, upbeat earnings and a Dovish Fed have driven the rally in stocks this year, and even though the Monday’s gainers were small, these new highs create buying pressure.

Today’s headline augments the fear of missing out (FOMO) making Bears less Bearish, and worried they will suffer more losses on their bad bets since Christmas.

A US Commerce Department report showed consumer spending increased by the most in more than 9.5 years in March, and the Fed’s Key inflation measure posted its smallest annual gain in 14 months.

Tame inflation supports the Fed’s recent decision to suspend further interest rate increases this year.

DJIA +11.06 at 26554.39, NAS Comp+15.46 at 8161.85, S&P 500 +3.15 at 2943.03

Volume: Trade on the NYSE came in at 742-M/shares exchanged

  • NAS Comp +23.0% YTD
  • Russell 2000 +18.5% YTD
  • S&P 500 +17.4% YTD
  • DJIA +13.8% YTD

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish in here.

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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