The Market Jumps On The China Trade Deal
The indices jumped above resistance after the China tariffs were eased last weekend.
Market Review
Let's review what happened this week in the stock market.
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NASDAQ 100 · QQQ
The NASDAQ 100 had a strong week.
It jumped on the China tariff news from last weekend.
We might see the price struggle to get above $523.65 which is the price where the 50-day moving average peaked this year.
The PIMM Trading System score shows strength.
The relative strength index (RSI) is pointing to the QQQ being overbought.
We might see the price rest to give the market time to absorb the gains.
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S&P 500 · SPY
The S&P 500 gained almost 5% last week on a gap up!
And, it’s only 3.1% below the last high.
The PIMM Trading System score shows bullish strength.
The relative strength index (RSI) suggests the SPY is over bought.
It’s possible the price might rest to give the market time to absorb the gains.
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Dow Jones Industrial Average · DIA
The Dow Jones Industrial Average got above resistance.
It’s now above the 200-day moving average.
The price has clearance to move higher.
The DIA might find resistance at $438.16 which is where the 50-day moving average peaked this year.
The price should continue moving up, but at a slower pace than the other indices.
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That’s it for this week since we spent a lot of time learning how to do YouTube Shorts videos.
We believe this new format will help you quickly see what the stock market is doing.
Please leave a comment and let us know what you think.
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Disclaimer: The author is not a financial advisor. The information provided herein is not financial advice and should not be construed as such. This content is intended solely for educational purposes. The author will not be held liable if you decide to used this material as a basis for any financial decision-making. Investing involves risk, including the potential loss of your invested capital. Only invest what you are willing and able to lose.