- DowJones closed at record highs on Monday.
- Investors expect Trump to unveil details on the ‘Phase One’ deal.
- Renewed optimism on the trade front supports the upbeat mood.
The DowJones index started the week with marginal gains (0.04%) and closed in levels just shy of the 27,700 pts on Monday, all amidst alternating risk-appetite trends in response to some renewed effervescence in the US-China trade scenario. It is worth recalling that the DJI recorded an all-time intraday high at 27,774 last Thursday.
Today, markets will be closely following President Trump’s speech at the Economic Club in New York in search for any extra detail on the trade front and particularly regarding the ‘Phase One’ deal and the potential roll over existing tariffs.
Monday’s gains in Industrials, Financials and Telecoms helped the benchmark stock index to keep the positive performance, as opposed to the S&P500 (-0.20%) and the NASDAQ Composite (-0.13%).
DowJones faces the next interim resistance at 27,774.7 (all-time high Nov.7) while on the downside the next support emerges at the 10-day SMA at 27,414.7 seconded by July’s high at 27,398.7 and then the September peak at 27,306.7.
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