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Market Update – Nasdaq and SP&500 hit new all-time records

jeffriess
October 29, 2019
by Joseph Jeffriess, Market Analyst

Article Recap

Today’s High-impact economic news:

• 01:00 USD CB Consumer Confidence
• 2019 Snapshot of the SPX500
This week +0.46% – This month +1.89% – This year +21.16%

Traders today’s video (below) is focused on last nights new all-time highs made by the S&P500 and the Nasdaq. With a breakdown of the price action last night and what we would like to see going forward to show that buyers continue to hold momentum.

The S&P500 closed at 3039.42 and the Nasdaq closed at 8325.99. The S&P500 finally breaking above a congestion zone that had been holding price since July. After the recent UK Brexit parliamentary vote rejection, traders will now be moving their focus to Thursday’s FOMC and finally Friday’s U.S. employment data. The Fed is expected to cut rates in this weeks meeting back down to 1.75%.

Good trading from Eightcap.
All times are AEDT.