Wall Street Finished Mixed with a Bullish Bias Ahead of this Long Weekend

Wall Street Finished Mixed with a Bullish Bias Ahead of this Long Weekend

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

Wall Street posted mixed results on Friday on month end re-balancing ahead of a holiday weekend in which a fresh round of US tariffs on Chinese imports were set for levy.

The DJIA .DJI rose 37.4 pts, or 0.14%, to 26,399.65, the S&P 500 .SPX gained 1.45 pts, or 0.05%, to 2,926.03 and the NAS Comp .IXIC dropped 10.51 pts, or 0.13%, to 7,962.88.

.DXY rose 0.1% to a 2-year high.

Data on the world’s largest economy showed personal spending accelerated in July, exceeding forecasts. Household consumption remained solid at the start of the third quarter, but the University of Michigan consumer sentiment index dropped to its lowest since October 2016. The Fed’s preferred measure of underlying inflation continues to fall short of its goal.

The US consumer is strong, and expected to remaining strong while the rest of the world slows.

The MSCI Emerging Markets Index sans Japan climbed 1.5%, a 3-week high.

Key Commodities

  • NYMEX WTI Crude Oil fell 3% to $55.04 bbl,
  • US Gold futures fell 0.3% to $1,523.78 oz

The US markets will be closed on Monday for Labor Day. Investors will receive the ISM Manufacturing Index for August and Construction Spending for July Tuesday.

  • NAS Comp +20.0% YTD
  • S&P 500 +16.7% YTD
  • DJIA +13.2% YTD
  • Russell 2000 +10.9% YTD

HeffX-LTN’s overall technical analysis for the major US stock market indexes is Neutral with a Bullish bias for the week ended 30 August 2019

Have a terrific holiday 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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