S&P 500 Vies For Record Close

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Hello traders everywhere. As we head into the Friday close, the S&P 500 is making a run at its intra-day record high of 3,027.98 by trading just shy of it hitting 3,027.39, which happens to be above its record close of 3,025.86 which was set on July 26th of this year. The move higher was bolstered by strong quarterly earnings from Intel along with apparent progress on the U.S.-China trade front.

On a weekly level, the S&P 500 will post a weekly gain of +1.2% while the DOW will check in with a weekly gain of +.8% and not too be outdone the NASDAQ is looking to close out the week with an increase of +1.8%, leading the pack. For the NASDAQ, this will be four straight weeks of gains, while the S&P 500 will have three weeks, and the DOW will have its second winning week out of the last three.

Crude oil spiked this week, gaining +4.7% for week triggering a new green weekly Trade Triangle. The spike is due to news that OPEC will consider instituting even deeper production cuts at its December meeting and a drop in the oil rig count. The US oil and gas rig count fell sharply this week, according to Baker Hughes, with a decline of 25 rigs for the week. This week marks nine decreases out of the last ten weeks. The total oil and gas rig count now stand at 830, or 238 down from this time last year.

Bitcoin will end the week with a positive gain of +6.4% after triggering a new red monthly Trade Triangle this week. Even with an increase of +14% on Friday, Bitcoin is not out of the woods just yet. It continues to trade below its 50-day, and 200-day MA, with the MACD, is close to turning lower, and the MA’s are closing in on that death cross.

Key Levels To Watch Next Week:

Every Success,
Jeremy Lutz
INO.com and MarketClub.com

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