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China Deal Trumps Impeachment Inquiry

Jeremy Lutz - MarketClub

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Hello traders everywhere. Stocks rose Wednesday after President Trump announced that a U.S.-China trade deal could arrive sooner than expected. However, gains were kept in check as Wall Street assessed House Speaker Nancy Pelosi's announcement that she would launch a formal impeachment inquiry on Trump.

The Dow traded 180 points higher, the S&P 500 was up 0.2%, the Nasdaq climbed 0.30%, and the Dollar rose +.55% back above $99.  

Keep an eye on the 50-day moving average for the three major indexes as the NASDAQ has broken below the MA, and the S&P 500 looks to be testing it, sitting just above its 50-day MA. 

U.S. crude oil futures shed as much as -2.7% to $55.73 a barrel amid worries about weak demand and excess supply. Oil has since backed off that low but is still trading right around $56 a barrel. 

Bitcoin has headed lower losing -3.2% on the day backing up the -11.4% loss on Tuesday, it's third-biggest daily loss of the year, testing its 200-day MA.

Key Levels To This Week:

S&P 500 (CME:SP500): 2,891.85
Dow (INDEX:DJI): 25,978.22
NASDAQ (NASDAQ:COMP): 7,847.32
U.S. Dollar (ICE:DX): 97.85
Gold (NYMEX_GC.Q19): 1,542.80
Crude Oil (NYMEX:CL.X19): 58.49
Bitcoin (BITCOIN:BITSTAMPUSD): 7,432.84

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