Turkish Lira Recovers, S&P 500 Caps Losing Streak

Turkish Lira Recovers, S&P 500 Caps Losing Streak
Turkish Lira Recovers, S&P 500 Caps Losing Streak
$DIA, $SPY, $QQQ, $RUTX, $VXX
Tuesday, the major US stock market indexes finished at: DJIA +112.22 at 25299.92, NAS Comp +51.19 at 7870.91, S&P 500 +18.03 at 2839.70,
Volume: Trade on the NYSE came in at 657-M/shares exchanged

The S&P 500 bounced Tuesday, ending its 4-session losing streak with a gainer of 0.6%.

The NAS Comp and the DIA also advanced, adding 0.7% and 0.5%, respectively.

The major indexes extended modest opening gains, then trended sideways during the last hours hours of trading, ending near their session highs.

Tuesday’s Wall Street rebound coincided with a rebound in the Turkish lira, which dove 25% Vs USD in the prior 2 sessions. The Lira added about 8% against USD Tuesday, helping to ease concerns over the financial health of lenders with heavy exposure to Turkey.

The US Dollar (.DXY) Index finished at a more than 1-year high at 96.56.

NYMEX WTI Crude Oil futures finished lower by 0.3% to 67.05 bbl

All 11 S&P sectors advanced on Tuesday, with financials (+0.9%) and consumer discretionary (+1.0%) leading the charge. The Top-weighted information technology sector (+0.6%) got off to a slow start, slipping into negative territory shortly after the opening bell, but eventually strengthened to finish in line with the broader market. Utilities was the worst-performing sector, but still added 0.2%.

US Treasuries sold off on Tuesday, pushing yields higher across the curve. The yield on the benchmark 10-yr T-Note advanced 2 bpts to 2.90%, while the yield on the Fed-sensitive 2-yr T-Note climbed 3 bpts to 2.63%.

Looking ahead

Investors will receive a big batch of data Wednesday that includes the weekly MBA Mortgage Applications Index, July Retail Sales, the preliminary reading for Q-2 Productivity and Unit Labor Costs, the Empire Manufacturing Index for August, Industrial Production and Capacity Utilization for July, Business Inventories for June, and the NAHB Housing Market Index for August.

  • NAS Comp +14.0% YTD
  • Russell 2000 +10.2% YTD
  • S&P 500 +6.2% YTD
  • DJIA +2.4% YTD

HeffX-LTN US Major Stock Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
14 August 2018 QQQ 181.53 Bullish (0.31) 180.52 182.82
14 August 2018 DIA 253.11 Neutral (0.23) 250.75 253.47
14 August 2018 SPY 284.08 Bullish (0.26) 283.78 287.23

Stay tuned…

The following two tabs change content below.

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.

Latest posts by Paul Ebeling (see all)

You must be logged in to post comments :  
CONNECT WITH