Technology Stocks Drive Market Rebound

Technology Stocks Drive Market Rebound

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.

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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