US Hails EU Trade Deal, President Trump Says Others Can Also Make Progress

US Hails EU Trade Deal, President Trump Says Others Can Also Make Progress

US Hails EU Trade Deal, President Trump Says Others Can Also Make Progress

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

Thursday, US Treasury Secretary Steven Mnuchin declared the the United States will move ahead with European trade talks and also aim to strike a deal with Mexico and Canada in stalled negotiations over the North American Free Trade Agreement (NAFTA).

Secretary Mnuchin was speaking a day after President Donald Trump and European Union chief Jean-Claude Juncker struck a deal to halt further trade tariffs and hold talks on opening markets.

The deal with the EU which runs a $158-B trade surplus with the United States, drove stock markets higher as it appeared to avert a further escalation of a tariff war that may have seen European cars hit with hefty duties.

Mr. Mnuchin held out the prospect of re-opening talks with China if Beijing is willing to make “serious changes,” as he said the EU had indicated it was willing to do.

It also boosted the standing of EU chief Juncker, a 30-year veteran of the European Union, who has recently drawn sharp criticism over his fitness for the job.

Despite the market optimism in the wake of the pact. The pact will bring talks over steel and aluminum tariffs imposed by the United States, a suspension of the threat of auto tariffs as well as negotiations to sell more American agriculture and energy to Europe.

The Trump Effect in action!

 

Thursday, the US major stock market indexes finished at: DJIA +112.97 at 25527.07, NAS Comp -80.05 at 7852.19, S&P 500-8.63 at 2837.18

Volume: trade on the NYSE came in at 816-M/shares exchanged

  • NAS Comp +13.7% YTD
  • Russell 2000 +10.4% YTD
  • S&P 500 +6.1% YTD
  • DJIA +3.3% YTD

HefffX-LTN’s US Major Stock Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
26 July 2018 QQQ 180.05 Bullish (0.40) 179.38 182.91
26 July 2018 DIA 255.12 Bullish (0.26) 254.03 257.10
26 July 2018 SPY 283.34 Bullish (0.37) 256.75  None

Have a terrific weekend

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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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