Markets continue sideways movement as investors ponder tax reform


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November 8, 2017
By Vlad Karpel
 

Major U.S. indices are seeing little changes today as investors are contemplating the rollout of a tax reform bill in Washington, with little significant news today to move markets. U.S. President Donald Trump is continuing his diplomatic tour of Asia, which is bringing North Korea tensions back into focus. We’re seeing cooled down rhetoric and a return to diplomatic pushes to resolve the conflict.  

For the time being, we’re in wait-and-see mode until there is significant news on tax reform. We’ll be seeing heated debates in Washington over this bill, and investors will have to wait until the dust settles to gauge any concrete details around timelines to implementation and specific policies.

At the time of publication, the DJIA is up 0.02%, or 3.78 points, at 23,560. The S&P 500 is trading at 2,592- up 0.06% from the open. The Nasdaq-100 is up 0.11% at 6,775.

Using the ^GSPC symbol to analyze the S&P 500, our 10-day prediction window shows  consistent positive signals. Today’s positive vector figure of +0.07% moves to +0.33% within three trading sessions.  Today’s predicted support and resistance is 2,586.66 (± 2.27) and 2,593.71 (± 2.28), respectively. The predicted close today is 2,590.98. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.  

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