Tag: S&P 500 (CME:SP500)

Hello traders everywhere. The NASDAQ hit a record high of $8,052.40 in early trading as market sentiment was lifted by stronger-than-expected corporate earnings and solid economic data out of China. China's economy grew at a steady 6.4% pace in the first quarter, defying expectations for a further slowdown, adding to optimism that the economy may be starting to stabilize even as Beijing and Washington appear moving closer to a trade deal.

On this side of the trade conversation, The U.S. trade deficit fell to an eight-month low in February as imports from China plunged, suggesting President Donald Trump's "America First" agenda was starting to bear fruit. Continue reading "NASDAQ Hits Record High As China Steadies" →

Hello traders everywhere. Earnings season started with a bang early Friday as two major U.S. banks shared better than expected Q1 results which propelled the market higher at the open. The S&P 500 pushed above $2,900 for the first time since October of 2018, the DOW up over 290 pts in early trading and is trying to post a weekly gain after being quiet for much of the week and the NASDAQ continues to march higher gaining +.47% on the week making this three straight weeks of gains.

JPMorgan Chase earned $2.65 a share in the first quarter, easily beating third-party consensus estimates of $2.35. Revenue—which many analysts had expected to decline—rose 5% to $29.9 billion as the company appeared to benefit from higher interest rates and strength in consumer banking. Shares rose more than 2.5% in pre-market trading.

Wells Fargo was the other big bank reporting early Friday, and its results also topped third-party consensus. Earnings per share of $1.20 beat the average estimate of $1.10, while revenue of $21.6 billion out-performed the average estimate of $20.99 billion. Shares climbed about 2% right after the company released results.

The U.S. dollar retreated as the week ended with investors dumping haven assets turning to riskier assets like stocks after a strong round of earnings releases. The dollar will post a weekly loss of -.48% Continue reading "Big Banks Boost Stock Market" →

Hello traders everywhere. The Federal Reserve will release the minutes of its March monetary policy meeting this afternoon at 2 PM EDT. Last month, the U.S. central bank decided to maintain interest rates and hold off any further increases this year. The minutes should provide additional details for investors to understand why most Fed officials do not expect to raise interest rates in 2019.

U.S. stocks opened slightly higher Wednesday, steadying following Tuesday's decline as investors weighed data showing moderate inflation and the latest signs of caution from the European Central Bank.

The CEOs of America's biggest banks are appearing before Congress on Wednesday for the first time in 10 years, as they face new scrutiny over their practices and record profits a decade after the financial crisis. Continue reading "Stocks Flat Ahead Of Fed Minutes" →

Hello traders everywhere. The news was delivered Friday with better-than-expected U.S. jobs report that eased market fears that the economy was slowing down. The DOW traded 30 points higher, the S&P 500 climbed .35% as the energy and consumer discretionary sectors outperformed and the Nasdaq advanced 0.5% mid-day. On a weekly basis, the three major indexes performed extremely well posting weekly gains of +1.9%, 1.97%, and +2.6% respectively.

The U.S. economy added 196,000 jobs in March, according to data released by the Bureau of Labor Statistics. Economists polled by Dow Jones expected a print of 175,000. However, wage growth expanded 3.2%, below an expected gain of 3.4%.

The U.S. dollar triggered a new green weekly Trade Triangle today at $97.45 once again pausing the Chart Analysis Score to +100 and butting up against a major level of support. The dollar has traded above the $97 level 13 times on a weekly level since October of 2018 but has been unable to break through $98 each time. Will the recent push higher give the dollar a different result? Continue reading "Stocks End Week Higher On Positive Jobs Report" →

Hello traders everywhere. Well, it finally happened. Both Bitcoin and the DOW joined the party by issuing new green monthly Trade Triangles to kick off April. The DOW was first by triggering it's new green monthly Trade Triangle on Monday when it experienced a +1.27% gain or 329 pts on the day. Not to be outdone, Bitcoin made a HUGE move on Tuesday gaining 899 pts and +21.5% closing above $5,000 for the first time since Nov. 18th of 2018.

Bitcoin had been stuck between $3,500 and $3,800 for three months, but once it broke through the $4,000 wall, it appears that the Bitcoin bulls came calling. Bitcoin volume on the Binance exchange hit an all-time high on Tuesday—buying begetting more buying. However, Reuters also points to a single "mystery order" for $100 million worth of bitcoin, spread across multiple exchanges including Coinbase and Kraken, identified by U.K. crypto broker BCB Group. It will be interesting to see if this momentum can keep up or if this was an isolated incident brought on by that one big order. Make sure you keep a close eye on your stops.

Now that the DOW has joined the party it's all systems go. The DOW is now trading back at levels we last saw in early November of 2018. This will mark the third time that the DOW has tested resistance at these levels. Will the third time be the Charm? Is the DOW setup to head higher? Continue reading "Bitcoin And The DOW Join The Party" →