Hello traders everywhere. The DOW hit a record high Friday after White House economic adviser Larry Kudlow said China and the U.S. were getting close to reaching a trade deal trading 120 points higher. The S&P 500 and NASDAQ also hit all-time highs, climbing +0.6% and +0.7%, respectively.
Trade-sensitive names such as Caterpillar, Boeing, Apple, and Micron Technology all rose at least +0.5%. Gold, meanwhile, gained +.60% for the week trading at $1,472.10 per ounce. Crude oil, however, hasn't had the same fate losing -.35% on the week entering a sidelines position, much like gold.
The U.S. Dollar continues to trade right around the $98 level, and we're waiting on a breakout above $98.39 to give us a green weekly Trade Triangle, which would indicate a move to a long-term uptrend. On the flip side, Bitcoin continues to be stuck in a tight trading range, but we could get a move lower if it breaks below $8,363, triggering a red weekly Trade Triangle.
Kudlow, the National Economic Council director, said Thursday that a deal between the two nations was approaching, highlighting constructive discussions with Beijing. His comments came after multiple reports suggested both sides were locked in a disagreement over the terms of a phase one trade agreement.
Through Thursday's close, the S&P 500 and DOW are up +3.4% and +2.8%, respectively, over the past month, while the NASDAQ has gained +4.1% for November.
Investors also digested mixed data on the U.S. consumer. Retail sales grew by +0.3% in October, topping an estimate of +0.2%. However, the data also showed big-ticket purchases dropped last month.
Federal Reserve Chairman Jerome Powell said Thursday that he does not see signs of bubbles brewing amid concerns over higher corporate and government debt.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,023.19
- Dow (INDEX:DJI): 26,918.29
- NASDAQ (NASDAQ:COMP): 8,241.70
- U.S. Dollar (ICE:DX): 98.39
- Gold (NYMEX:GC.Z19): 1,461.70
- Crude Oil (NYMEX:CL.Z19): 57.73
- Bitcoin (BITCOIN:BITSTAMPUSD): 8,363.00