The big news for the stock market today on 9-13-2019 was that US retail sales rose more than expected in August. This monthly reading shows that consumer spending was solid. The reason why this is important is that it helps show a decent pace of economic growth in the US.
The Dow Jones Industrial Average rose on Friday. This is an 8-day winning streak for the Dow Jones. The main factor is that people are becoming more confident of positive talks upcoming between the US and China trade issues. It will be interesting to see what eventually comes out of this because this is the big piece of news that could send the market either direction.
Although Friday was a bit of a stalemate for the S&P 500, overall it was another solid week. I will do the S&P 500 preview this weekend and I am still extremely cautious with it.
I don’t trust China to follow through on any kind of deal and President Trump has shown that he will not settle for any kind of deal that does not benefit the US.
“If anybody had any doubt about what was moving markets, it’s the trade war,” said Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management.
S&P 500 Chart
Although the S&P 500 started off strong today it lost all of its gains once it hit the high of 3025.75 at around 6:00 am. From there it was pretty much straight down until the market closed for the weekend at 3009.50.
This is the second day in a row where price has been rejected from the highs so it is something to watch. The price is hitting the previous high zone of around the 3020’s and is experiencing a lot of selling in that spot. There are obviously people who don’t want price breaking through there at the moment.
It looks like today people got trapped at the top and had to get out which attributes to the day’s selling for the US markets.
The black lines are the high and low of the day’s session.
Crude Oil Chart
Only ended down again at $54.82. It had rallied up to a high of $55.51 but again was pushed back down to where it settled to end the day.
But the price is finding support around the $54.50 level. When it hit there today it bounced back up. This is the second day in a row where price got support from that area.
Going into next I am bullish on oil but it needs to get above the $55.40 mark if we are to see oil to climb back into the high $56 area.
Data for the Stock Market Today for 9-13-2019
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