Wall Street Marks Fresh Record Highs on Optimistic Trade Resolution

Wall Street Marks Fresh Record Highs on Optimistic Trade Resolution

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

Wall Street’s 3 major averages kicked off the trading week by closing at records Monday as signs pointed to progress between the United States and China on a trade truce, while a round of merger deals also helped buoy investor sentiment.

President Donald Trump applauded the achievement. “Another new Stock Market Record. Enjoy!” he Tweeted.

A Chinese state-backed newspaper said Beijing and Washington were “very close” to an initial pact.

Gains Monday were broad with only the defensive consumer staples .SPLRCS and utilities S&P sectors in the red. Tech gainers helped push the NAS up by more than 1%.

The S&P 500 posted 40 new 52-week highs and 1 new lows, and the NAS Comp recorded 139 new highs and 61 new lows.

The major US stock market indexes finished at Monday: DJIA +190.85 at 28066.38, NAS Comp +112.60 at 8632.48, S&P 500 +23.35 at 3133.64

Volume: Trade on the NYSE came in at 823-M/shares exchanged

  • NAS Comp +30.1% YTD
  • S&P 500 +25.0% YTD
  • DJIA+20.3% YTD
  • Russell 2000 +20.3% YTD

HeffX-LTN’s overall technical outlook for the 3 major US stock market indexes is Bullish to Very Bullish in here.

Looking Ahead: Tuesday, investors will receive New Home Sales for October, the FHFA Housing Price Index for September, the S&P Case-Shiller Home Price Index for September, and the Advance reports for International Trade in Goods, Retail Inventories, and Wholesale Inventories. 

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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