The market is grinding higher and may be awaiting a “sell the news” event for a pullback.
Traders are waiting for news of a US-China trade deal or the government shutdown ending. But those seem like inevitabilities and perhaps the market is pricing them in.
The market briefly jumped yesterday on news that the US may lift select tariffs on China… but until we have actual news of a deal, it’s just rumor. Below are the highlights from today’s video:
– S&P 500 (SPY) Hits the 50% Retracement Level
– Semiconductors (SOXX) Forming a Relative Basis
– High Beta vs Low Volatility Hitting Resistance
Stock Market Today Video – January 18, 2019
Twitter: @DanRusso_CMT
Author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
