U.S. markets set another round of record highs on Thursday as the Phase One trade deal has continued to support a renewed optimism in stocks. China’s Commerce Ministry indicated it remains in close touch with the U.S. regarding the deal, which is expected to be signed in early 2020.The Nasdaq extended its winning streak to 11-straight, it’s longest in over a decade, after soaring 0.8% while closing at a fresh all-time and session high of 9,022. Uncharted territory and lower resistance at 9,000-9,050 was cleared and held with a close above the latter signaling momentum towards 9,100-9,150.The S&P 500 was up for the 4th time in 5 sessions after gaining 0.5% while trading to a late day and record high of 3,240. Near-term and lower resistance at 3,225-3,250 was cleared and held with a close above the latter getting 3,275-3,300 in focus.The Dow added 0.4% following the afternoon run to 28,624 and new lifetime peak. Current and lower resistance at 28,600-28,800 was cleared and held with a close above the latter signaling a run towards the 29,000 level.The Russell 2000 had its 7-session winning streak snapped after slipping a third-point, or 0.02%, with the intraday low kissing 1,675. Current and upper support at 1,675-1,660 was challenged but held with a move above the latter signaling additional weakness towards the 1,650 level.
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THURSDAY’S EARNINGS ANNOUNCEMENTS Before the open: None
After the close: None
THURSDAYS ECONOMIC NEWSBaker-Hughes Rig Count – 1:00pm
METALS/ OILGold closed at $1,514.40 an ounce,up $9.60Silver settled at $17.85 an ounce, up $0.09Copper finished at $2.82 a pound, up $0.01Crude Oil was at $61.64 a barrel, up $0.53Bitcoin Investment Trust (GBTC) ended at $8.82, down $0.03
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Todd Mitchell
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