Hello traders everywhere. Back in August, I wrote that we seem to "always be one tweet away" from either disaster or prosperity. Well, today we have prosperity after President Trump told reporters on Thursday that talks between the two countries were going "really well." His comments came after he tweeted that he would meet with Chinese Vice Premier Liu He at the White House on Friday. The meeting is scheduled to take place at 2:45 p.m. ET.
That comment and tweet have sent the stock market higher, erasing October's losses. The DOW was up almost 500 pts at one point but has settled around +400 pts up +1.6% on the week. The S&P 500 and NASDAQ followed suit rising +1.6% and +1.9%, respectively.
Bitcoin continues to trade right below its 200-day MA, but it did have a positive week gaining +2.3% trading around the $8,000 level. We are still looking for a move lower, and our key level to watch will be 7,714.70. A move below that level will trigger a red weekly Trade Triangle signaling a long-term downtrend.
The U.S. Dollar will lose roughly -.3% on the week, joining gold on the losing side with a loss of -1.4% for the week. On the flip side, crude oil will post a weekly gain of +2.5%.
Key Levels To Watch This Week:
- S&P 500 (CME:SP500): 3,007.98
- Dow (INDEX:DJI): 27,079.68
- NASDAQ (NASDAQ:COMP): 8,158.84
- U.S. Dollar (ICE:DX): 97.19
- Gold (NYMEX:GC.Q19): 1,522.30
- Crude Oil (NYMEX:CL.N19): 51.38
- Bitcoin (BITCOIN:BITSTAMPUSD): 7,714.70