US Stock Broke Out Above Strong Resistances Extending the Longest Bull Run on Record

US Stock Broke Out Above Strong Resistances Extending the Longest Bull Run on Record

US Stock Broke Out Above Strong Resistances Extending the Longest Bull Run on Record

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

  • HeffX-LTN’s overall out look for the US equities market is Bullish

Stocks rallied Thursday, the S&P 500 opened higher and extended gains into the afternoon, the benchmark index finished +0.8% off its session highs.

The DJIA (DIA) added 1.6%,

The NAS Comp finished with a gainer of 0.4%.

The S&P 500 sectors

The Top-weighted information technology sector finished at the bottom of the standings, but closed in the Green, adding 0.3%.

The Top-performing sectors were financials (+1.3%), industrials (+1.2%), consumer staples (+1.5%), utilities (+1.1%), and telecom services (+2.0%).

Looking at other markets

US Treasuries sold off, pushing yields higher across the curve, with the benchmark 10-yr yield rising 2 bpts to 2.87%. Mean

NYMEX WTI Crude Oil (USO) futures advance 0.6% to 65.44 bbl

The CBOE Volatility (VIX) Index dropped 7.1% to 13.60 after touching a 6-week high Wednesday though it is still at record lows.

In Washington

US Treasury Secretary Steven Mnuchin revealed that the US  is preparing additional sanctions against Turkey, where American pastor Andrew Brunson is being detained for allegedly supporting a coup attempt in Y 2016.

The Turkish Lira was up a bit  at 1.5% Vs USD.

Thursday’s economic data, which included July Housing Starts and Building Permits, weekly Initial Claims, and the Philadelphia Fed Index for August

  • Housing starts rose to a seasonally adjusted annualized rate of 1.168-M units in July up from a revised 1.158-M units in June.
  • Building permits rose to a seasonally adjusted 1.311-M in July from a revised 1.292-M in June up from 1.273-M..
  • The latest weekly initial jobless claims count totaled 212,000 below the revised prior week count of 214,000.
  • Continuing claims declined to 1.721-M from a revised count of 1.760-M .
  • The Philly Fed Survey for August slid to 11.9 from an unrevised 25.7 in July as there was an uptick in the diffusion index for future general activity following four straight declines, as more than 50% of firms expect increases in activity over the next 6 months.

Looking ahead

Friday, investors will receive July Leading Indicators and the preliminary reading of the University of Michigan Consumer Sentiment Index (MSI) for August.

Thursday, the major US stock market indexes finished at: DJIA +396.32 at 25558.73, NAS Comp +32.41 at 7806.54, S&P 500 +22.32 at 2840.43

Volume: Trade on the NYSE came in at 706-M/shares exchanged

  • NAS Comp +13.1% YTD
  • Russell 2000 +9.8% YTD
  • S&P 500 +6.3% YTD
  • DJIA+3.4% YTD

HeffX-LTN’s overall out look for the US equities market is Bullish

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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