$DIA, $SPY, $SOX, $QQQ, $RUTX, $VXX
FLASH: S&P 500, NAS Comp, and SOX rebounded to their 50-Day MAs. A strong price move, but the potential Head & Shoulders pattern has not been defeated yet.
- Stocks rebound from early losses following positive US trade headlines,
- President Trump expected to delay auto tariff decision by up to 6 months, as the US is reportedly close to resolving tariff dispute with Canada and Mexico,
- Disappointing retail sales and industrial production data from the US and China contributed to early weakness.
US Treasury Secretary Steven Mnuchin said Wednesday that the US is making progress on lifting tariffs imposed on steel and aluminum from Canada and Mexico, potentially overcoming a Key hurdle toward approval of a trade agreement between the 3 countries.
Addressing another Key trade issue, Secretary Mnuchin said he expects to soon travel to Beijing with Trade Representative Robert Lighthizer to resume negotiations on the trade dispute between the US and China.
Secretary Mnuchin’s positive comments on trade before a Senate Appropriations subcommittee reversed early losses, and Wall Street finished higher on the headline.
“I can assure you that President Trump is determined that we have free and fair trade,” Secretary Mnuchin said. “He wants to have a fair relationship with rules so that we can compete fairly.”
Wednesday, the major US stock market indexes finished at: DJIA+115.97 at 25648.02, NAS Comp +87.65 at 7822.12, S&P 500 +16.55 at 2850.96
Volume: Trade on the NYSE came in at 724-M/shares exchanged
- NAS Comp +17.9% YTD
- Russell 2000 +14.8% YTD
- S&P 500 +13.7% YTD
- DJIA +10.0% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Neutral near term, Bullish long term.
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