US Stock Market Indexes Finished Flat to Little Changed

US Stock Market Indexes Finished Flat to Little Changed

US Stock Market Indexes Finished Flat to Little Changed

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

Tuesday, the S&P 500 closed at a new record high for the 3rd session running.

It was a range-bound trading day, with the S&P 500 keeping between -0.1% and +0.2%, and 7 of the 11 sectors finished in the Red. The top-weighted technology sector (+0.2%) was an advancer, helping to mitigate losses from energy (-0.5%), materials (-0.4%), and consumer staples (-0.3%).

Looking at other markets

US Treasuries moved lower, sending yields higher across the curve, with the benchmark 10-yr T-Note yield climbing 4 basis points to 2.88%.

NYMEX WTI Crude Oil futures off 0.4% to 68.58/bbl, and the US Dollar (.DXY) Index slipped 0.1% to 94.62, testing its August low.

In Washington

Canada came back to the NAFTA negotiating table Tuesday after the US and Mexico reached a bi-lateral trade agreement on Monday. President Trump warns that he will proceed without Canada, but US officials are optimistic that a deal can be reached by the end of the week.

Tuesday’s US economic data

  • The Advance report for International Trade in Goods for July showed a deficit of $72.2-B, and the Advance report for Wholesale Inventories for July rose 0.7%.
  • The Case-Shiller 20-City Index increased 6.3% in June (consensus +6.4%), and the May increase was left unrevised at 6.5%.
  • The consumer confidence reading for August increased to 133.4 (consensus 126.5) from the prior month’s revised reading of 127.9 (from 127.4).
    • The Key takeaway from the report is that the high confidence levels should support solid consumer spending near term, particularly since consumers have a better outlook for their short-term income prospects.

Looking ahead

Investors will receive the 2nd estimate of Q-2 GDP, July Pending Home Sales, and the weekly MBA Mortgage Applications Index Wednesday.

Tuesday, the major US stock market indexes finished at: DJIA +14.38 at 26064.02, NAS Comp +12.14 at 8030.06, S&P 500 +0.78 at 2897.26

Volume: Trade on the NYSE came in at 617-M/shares exchanged

  • NAS Comp +16.3% YTD
  • Russell 2000 +12.6% YTD
  • S&P 500 +8.4% YTD
  • DJIA +5.4% YTD

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

Date Symbol Price Technical Analysis Support Resistance
28 August 2018 QQQ 184.67 Bullish (0.37) 182.17 185.08
28 August 2018 DIA 260.67 Very Bullish (0.50) 235.09  None
28 August 2018 SPY 289.99 Bullish (0.37) 256.75  None

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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