(Daily Notion): NAS100, SPX500 Closed High, US30 Moved South After Powell's Speech, Next Mover: U.S. Coronavirus Relief Package, Brexit

Nasdaq100

SPX500

US30

The S&P 500 ended the day above 3,700. This would mark the second time in history the index has done so. The index closed at 3,705.80. 

The Nasdaq100 followed on the same trail as it recorded a new closing high of 12, 668.03.

The US30 was the only index out of these three that bucked this trend, as it dropped 0.15% to 30, 154.54. The index closed at 30, 176.28.

The S&P 500 has gained traction upwards on news that the coronavirus vaccine could lead to an economic recovery from next year. A comment from U.S. Health Official, Dr. Anthony Fauci stating that the U.S. could return to normal by mid-fall is most people can be vaccinated also boosted positive optimism.

The upside is capped, however, by the dovish sentiment from the Federal Open Market Committee (FOMC) meeting earlier today. The possibility of a return of the China-American tension also limits the upside.

Analyst predict that the S&P will break past last week’s swing high peak of 3,712; a feat that Nasdaq has already accomplished. Technical levels are the same but ‘sell triggers’ have been observed on the Moving Average Convergence Divergence (MACD).

Analyst also predict that Nasdaq will be able to sustain its move upwards as indicated in the improved technical and overall net bullish position. Overall target for Nasdaq is project at 14,000 but the timeline to achieve this is stretched until the summer of next year.

The US30 was seen gaining traction upwards when the FOMC statement was released, but began moving downwards as Federal Reserve Chairman, Jerome Powell began his speech. Overall tone for the US30 is bearish.

A key mover event for all the indices would be the outcome of the Coronavirus Relief Package, as well as the Brexit deal. Positive news from both these key negotiations could boost up investors’ sentiment.

FOLLOWME Overall Sentiment (as of Dec 17, 2020 at 4:20 p.m.)

NASDAQ100

As shown above, the overall sentiment of FOLLOWME traders leans towards short-selling with a 76.36% ratio while the remaining 23.64% is in long position.

SPX500

As shown above, the overall sentiment of FOLLOWME traders leans towards short-selling with a 78.07% ratio, while the remaining 21.93% is in long position.

US30

As per the above, the overall sentiments of FOLLOWME traders is leaning towards a short-selling position at a ratio of 72.27%, while the remaining 27.73% is in long position.