The S&P 500 gained 0.2% Monday a volatile trade.
$DIA, SPY, QQQ, RUTX, VXX
The benchmark index overcame a loss of 1.9% intra-day despite the uncertainty surrounding trade, growth prospects, the path of interest rates, and geopolitics.
The DJIA rose 0.1% after being down as much as 2.1%, NAS Comp gained 0.7% after being down 1.3%, and the Russell 2000 lost 0.3%, it was down 1.7%.
The major indices fell to session lows shortly after UK PM Theresa May announced she will be delaying the vote in Parliament originally scheduled for Tuesday on the UK-EU BREXIT plan.
Then the President said he wants a trade deal that is good for the US, China and the world, and the bargain hunters went to work today, risk is on.
Plus there is the growing recognition that we could see the Fed take its foot off the rate hike petal, that could be a catalyst of momentum, a positive force for markets.
The performances from the heavily-weighted tech and financial sectors was a noteworthy Monday.
While the behavior of the tech stocks will likely command the most attention as a potential short-term market catalyst, the behavior of the financial sector should not be overlooked given its command position as a driver of economic activity.
Gold slipped 0.3% to $1,249.40 oz, Silver lost 0.6% to $14.61 oz. Copper off 1.4% to $2.72 lb.
The US Dollar (.DXY) Index climbed 0.7% to 97.20, benefiting largely at the expense of the GBP, which fell 1.7% to 1.2558 Vs USD on the possibility of a “no deal” BREXIT.
Monday, the major US stock market indexes finished at: DJIA +34.31 at 24423.26, NAS Comp +51.27 at 7020.52, S&P 500, +4.64 at 2637.72
Volume: Trade on the NYSE came in at 1.0-B/shares exchanged
- NAS Comp +1.7% YTD
- DJIA-1.2% YTD
- S&P 500 -1.3% YTD
- Russell 2000 -6.0% YTD
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis
Date Symbol Price Technical Analysis Support Resistance
10 Dec QQQ 162.8 Bearish (-0.34) 158.37 162.80
10 Dec DIA 245.37 Neutral (-0.21) 244.44 248.00
10Dec SPY 263.25 Bearish (-0.25) NIL 63.