Wall Street Bulls Are Back in Rally Mode

Wall Street Bulls Are Back in Rally Mode

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

Thursday, US stocks spiked on expectations of a de-escalation in trade tensions after Washington and Beijing agreed to hold high-level talks in early October, while at the same time strong US economic data eased fears of a domestic slowdown.

The ADP National Employment Report, considered a precursor to the Labor Department’s more comprehensive jobs report, showed US private employers’ payrolls grew at the fastest pace in 4 months in August, led by big gainers in service-sector jobs.

Another private survey showed growth in US services sectors accelerated in August, rebounding from its weakest level in about 3 years, as new orders rose to their highest mark since February.

The upbeat reports eased concerns of an economic downturn, which was exacerbated by data Tuesday that showed a contraction in US factory activity in August.

Investors will keep a close watch on the Key NFPs data due Friday.

Closing Market Snapshot

DJIA26728.13+372.68(1.41%)
NAS Comp8116.86+139.95(1.75%)
SP 5002976.00+38.22(1.30%)
10-yr T- Note -31/321.567
Volume: NYSEAdv 1895 Dec 956 878.4-M
Volume: NASDAQAdv 2261 Dec 826 2.1-B

Industry Watch

Strong: Financials, Information Technology, Industrials
Weak: Real Estate, Utilities, Consumer Staples
  • NAS Comp +22.3% YTD
  • S&P 500 +18.7% YTD
  • DJIA +14.6% YTD
  • Russell 2000 +12.0% YTD

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Neutral with a Bullish bias, notably our Key indicators all turned Very Bullish mid-morning Thursday.

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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