Trend for Position Traders
11/15/19… The S&P 500’s Position uptrend is fully intact as the index reached a new all-time high last week and is supported by a Long-Term uptrend.
The S&P 500 index closed at $3120 on Friday and now sits at a new all-time high. Year-to-date, the index has risen nearly 25%.
It wasn’t just the S&P 500 that reached new all-time highs last week. The Dow Jones and the Nasdaq set new record highs last week as the buying spree by investors continued. This marks the fourth consecutive weekly gain for the Dow, the sixth weekly gain for the S&P 500 and the seventh weekly gain for the Nasdaq!
According to one report, the recent rally has pushed the U.S. stock market into record territory, not only pricewise, but also in duration. Since the current market boom began back in March 2009, the S&P 500 index has climbed an astounding 468% through the first day of November according to The Leuthold Group, making it the best-performing bull market on record since World War II.
The primary driver of U.S. stock prices (aside from this year’s three interest rate cuts and massive corporate stock buyback programs) has been fresh hopes that a U.S.-China “phase one” trade agreement will be signed within the next few weeks. Without major concessions on both sides, especially over tariffs, agricultural purchases, and IP rights, we think it is doubtful that a final deal will be reached before the end of the year.
However, investors are also growing bullish on news of a potential breakthrough between U.S. lawmakers over the long-awaited USMCA (U.S.-Mexico-Canada Agreement). While the deal, which will replace the current North American trade deal, is still being negotiated, hopes are rising that a deal could be imminent and could be passed before the end of the year.
During last week’s testimony on Capitol Hill, Federal Reserve Chairman Jerome Powell stated that three interest rate cuts in 2019 and a massive new quantitative easing program should be enough to keep the economy humming along. At the same time, he’s calling on lawmakers to leverage fiscal policy to stave off any future economic downturns. Mr. Powell’s calm comments come as the U.S. stock market reaches new highs. Of course, when the stock market inevitably turns south again, we expect Powell will change his tune and cut interest rates to prop up the markets
For now, the S&P 500 index remains locked in a massive uptrend that enjoys solid volume and plenty of underlying technical support levels.
Nine of the eleven S&P 500 sectors closed in positive territory last week led by Health Care (XLV +2.45%) and Real Estate (XLRE +2.04%).
Meanwhile, the Energy (XLE -1.01%) and Financial (XLF -0.3%) sectors lagged the broader market.
Our Market Trakker alert system will keep you advised of the current broad U.S. stock market trend. Smart traders may take the opportunity now to research their favorite stocks and ETFs so that they can take advantage of the inevitable price moves!
When we detect a change in the major Long-Term trend, you will be notified again by email along with details on how we are responding to the selloff.
Long-Term Trend for Long-Term Investors
11/15/19… The S&P 500 Long-Term trend remains in a confirmed uptrend. When our Market Trakker system detects a change in the underlying Long-Term Trend in the S&P 500, this page will be updated and all current members will receive an alert by email.
- Market Trakker Charts – Updated Every Weekend
S&P 500 Index – Daily Chart
S&P 500 Index – Long-Term Trend Chart
(Last Long-Term Uptrend Alert on 4/5/19)
S&P 500 Index ETF (SPY) – 2 Year Weekly Chart
Updated: 11/15/19S&P 500 Futures Chart
Updates upon refresh during market hours
Percent of S&P 500 Stocks Above 200 DMA
(Measures market participation)
U.S. New Highs-New Lows
(Gauges internal trend momentum)
S&P 500 Index – P/E Ratio
(Current P/E valuation of S&P 500)
Min: 5.31 (Dec 1917)
Max: 123.73 (May 2009)
- Market Trakker Resources
IMPORTANT DISCLAIMER: THE MARKET TRAKKER IS A PREMIUM INVESTOR TOOL THAT IS FOR INFORMATIONAL AND EDUCATIONAL PURPOSES. YOU SHOULD ALWAYS CONSULT A FINANCIAL PROFESSIONAL BEFORE MAKING ANY FINANCIAL DECISIONS. FOLLOWTHEMONEY.COM, ITS OWNERS AND SUBSIDIARIES SHALL NOT BE HELD LIABLE FOR ANY INVESTMENT DECISIONS EMPLOYED BY OUR MEMBERS. INVEST AND TRADE AT YOUR OWN RISK!