US Stocks Headed to Record Territory

US Stocks Headed to Record Territory

US Stocks Headed to Record Territory

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

Tuesday, US stocks advanced for a 4th session running, with the S&P 500 climbing 0.3% to 2858. The benchmark index is now within 0.5% of its 26 January record high.

The tech-heavy NAS Comp climbed 0.3%, and the DJIA rose 0.5%.

The S&P 500 trended sideways from start to finish, keeping between +0.2% and +0.5%. Gains were broad-based, with 7 of 11 sectors finishing in the Green. Energy (+0.7%) and industrials (+0.7%) were the Top performers.

The top-weighted information technology sector got off to a good start, but fell back in line with the broader market,as Apple fell for the 1st time since its 31 July earnings release, which fueled a wave of buying, helping to push the company’s market cap above $1-T.

Four sectors finished in negative territory, with consumer staples (-0.6%) being the weakest performer.

Tesla, Inc. was the focal point of a quiet session after CEO Elon Musk Tweeted that he is considering taking the company private for 420/share and has already secured funding to do so. Shares were halted after an initial spike, but added to their gains when trading resumed, hitting an 11-month high.

Away from stocks

Treasuries fell Tuesday, sending yields higher across the curve, with the benchmark 10-yr yield up bpts to 2.97%.

The US Dollar (.DXY) Index came off a 13-month high, dropping 0.2% to 95.00

The CBOE Volatility (VIX) Index -3.1% to 10.92, its lowest mark since January.

  • WTI Crude Oil +0.2% to 69.17 bbl
  • Gold: Unch at 1218.20 oz
  • Copper +0.7% at 2.75 lb

Looking ahead, Wednesday’s only economic report, the weekly MBA Mortgage Applications Index, will cross the wire at 7:00a EDT.

Tuesday, the major US stock market indexes finished at: Dow +126.73 at 25628.91, Nasdaq +23.99 at 7883.67, S&P +8.05 at 2858.19

Volume: Trade on the NYSE came in at 725-M/shares exchanged

  • NAS Comp +14.2% YTD
  • Russell 2000 +10.0% YTD
  • S&P 500 +6.9% YTD
  • DJIA +3.7% YTD

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

Date Symbol Price Technical Analysis Support Resistance
7 August 2018 QQQ 181.8 Bullish (0.31) 181.22 182.82
7 August 2018 DIA 256.12 Neutral (0.24) 255.19 257.10
7 August 2018 SPY 285.58 Bullish (0.44) 285.15 289.23

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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