Extended Brexit deadline
In the forex market, investors feel some relief as they know that the Brexit deadline has been extended and there is still a chance that we will get a deal on Brexit. Again, anything in relation to Brexit, is going to bring heightened volatility to the Pound.
The Asian stock market was trading lower on the last trading day of the week. At the time of writing, the Nikkei index was trading at a loss of 0.37%. The Shanghai index fell to 1.11%, while the HSI index jumped higher 0.33%. The ASX index fell 0.61%.
Dow Jones and S&P 500: Market Width
The Dow Jones market gained further strength as the rally continued. 90% of Dow Jones stocks were trading above their 200-day moving average.
The S&P 500’s stock expanse maintains its momentum. 90% of the shares were trading above their 200-day moving average.
Dow Jones Futures Today
Dow Jones futures are trading below 40 points today. In terms of economic data, investors will be looking at the Core retail data that is due out Wednesday. The forecast is for 0.2%, while the previous reading is at 0.2%.
The Dow Jones futures recorded three consecutive days of losses on Friday. However, the positive aspect for the bulls is that the index has recorded higher lows compared to last week. For the most part, the bulls are in a strong battle with the bears because the 50-day SMA is trying its best to stay above the 100-day SMA. For bulls to remain in full control of the price, the 50-day SMA needs to stay above the 100-day SMA. The near term support is at 29,426 while the resistance is at 30,336.
The futures of the S&P 500, which represents the wider stock market, have moved above the 50-day SMA on the 30-minute time frame. This is positive as the index was below the 50 day SMA on December 11 and this prompted a decent sale. The index needs to stay above the 50-day SMA and if it falls below this average, bears are likely to increase their short bets. The short term support is at 3,548 while the resistance is 3699.
Stock Market Rally
The S&P 500 stock index fell on Friday; the index fell 0.13%. The energy sector led the index lower – 5 out of 11 sectors closed lower.
The Dow index recorded earnings on Friday; Dow stocks moved the index higher 0.16%. Eight shares higher while 21 shares closed lower.
The NASDAQ composite, a tech-savvy index, closed lower at 0.21 yesterday.
S&P 500 Leads and Laggards: Disney and Qualcomm
Disney’s stock contributed the most, rising 13.6%. Qualcomm was the biggest drag; it decreased by 7.36%. The S&P 500 stock index is up 9% so far this year.
Dow Jones Leaders and Laggards
Disney provided the most help for the Dow Jones; it advanced 13.6%, while Goldman Sachs was the largest decliner, it fell 1.8%.
The crypto king is back on his head. Over the weekend, Bitcoin recovered its high end and climbed back above the 19,000. Bulls are once again eyeing the ever-high price level.