Tag: S&P 500 (CME:SP500)

Hello traders everywhere. In early trading, the stock market was once again setting record highs on the back of an approved phase-one trade deal with China. Those record highs have triggered new green weekly Trade Triangles for the DOW and S&P 500, indicating that we are now back in strong long-term uptrends. On the flip side, the U.S. Dollar Index has not fared so well, issuing a new red monthly Trade Triangle indicating that the dollar is under pressure and entering a long-term downtrend.

However, the euphoria has since dissipated, and the major indexes have dipped into negative territory for the day. All three indexes will post weekly gains of roughly S&P 500 +.57%, DOW +.32%, and the NASDAQ with an increase of +.81%.

The trade deal will include a rollback of some of the China tariffs and halts additional levies set to take effect on Sunday. China agreed to significant purchases of U.S. agricultural products but failed to give a specific amount, disappointing some investors who expected a firmer commitment. Continue reading "Stocks Falter After Phase-One Trade Deal" →

Hello traders everywhere. The S&P 500 came into Friday's trading session down -0.7% for the week, but Friday's strong gains helped the index recover those losses, and it was able to squeak out an increase of +.16%. The DOW and NASDAQ each entered Friday, trading down more than -1% week to date. They were able to end the week down only down -0.1% each for the week after the session began.

The reason stocks were able to shake off the early week losses was U.S. job growth that easily topped analyst expectations, which helped Wall Street wrap up a choppy week of trading on a high note. However, the NASDAQ is the only index of the three that was able to avoid triggering a red weekly Trade Triangle this week.

The U.S. economy added 266,000 jobs in November, according to figures released by the Labor Department. Economists polled by Dow Jones expected a gain of 187,000. The unemployment rate fell to 3.5%, matching its lowest level since 1969. Continue reading "S&P 500 Erases Early Week Losses" →

Hello traders everywhere. Stocks are falling sharply Tuesday experiencing their biggest losses since October after President Trump suggested he may want to delay a trade deal with China until after the 2020 presidential election.

The DOW sank more than 400 points, triggering a new red weekly Trade Triangle indicating a move to the sidelines is in order. The S&P 500 slid 1.2% losing over 37 points, also triggering a new red weekly Trade Triangle. The Nasdaq fell 1.3% but has yet to issue a sell signal, which will come at 8,425.49.

Some stocks of companies with higher-than-average overseas sales exposure underperformed the broader market: Caterpillar slid -2.5%, Intel dropped -2%, and Apple lost -2.7%.

"In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now, and we will see whether or not the deal is going to be right," Trump told reporters earlier on Tuesday. When asked if he had a deal deadline, he added: "I have no deadline, no ... In some ways, I think it is better to wait until after the election if you want to know the truth." Continue reading "Trump Sinks Stocks With Trade Comments" →

Hello traders everywhere. Bitcoin's price has briefly dropped below $7,000, hitting an intra-day low of $6,785, its lowest level since May 17, 2019, when it hit a low of $6,178. This move lower has wiped out the +30% single-day gain on Oct. 25, 2019, that had pulled Bitcoin out of a long-term downtrend or bear market. Bitcoin triggered a new red weekly Trade Triangle at the beginning of the week, signaling entry into a long-term downtrend and indicating that a move lower could be on the horizon. That was the start of what would be a -15% loss for the week.

What's ahead for Bitcoin? With this move lower Bitcoin is now trading below its 50-day MA, the MACD has turned lower, and the RSI is no below the 30 level which would lead you to believe that a move lower in on the horizon. Our key level to watch will be $9,586.50. A move above that level will trigger a green weekly Trade Triangle indicating a move to a sidelines position.

Stocks rose Friday for the first time in four days after President Trump said China and the U.S. were nearing a trade deal. Trump told Fox News both sides were very close to reaching a trade agreement, nothing: "We have a very good chance to make the deal." His comments came after Chinese President Xi Jinping said Friday that Beijing wants to work for a trade deal with the U.S. but is not afraid to “fight back.” Xi also told a visiting U.S. business delegation that China holds a ‘positive attitude’ toward the trade talks. Continue reading "Bitcoin Drops To Six-Month Low" →

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. Continue reading "Indexes Hit Record Highs On Trade Optimism" →