US indices green ahead of the open; Tesla surges

Summary:

US stocks higher after USMCA deal
US100 moves to new ATH; US500 higher by 0.5%
Tesla expected to open strongly after Musk settlement

Wall Street is set to begin the new week higher this afternoon with as US indices trading in the green ahead of the opening bell. The gains come after some positive trade news late last night which saw a reworked NAFTA pact announced - called the USMCA (United States-Mexico-Canada Agreement). Trump has lauded the deal as “wonderful” and a “historic transaction”.

US President Trump trumpeted the new trade agreement on social media, after the US, Mexico and Canada reached a deal just before the deadline. Source: Twitter

The US100 has led the move higher and taken out its previous all time high of 7607 to move above the 7700 mark for the first time ever. The market has made an intraday peak of 7719 and this could be considered possible short term resistance. As you’d expect with the market moving up into uncharted territory all trend identifiers point higher and there’s very little by the way of swing resistance overhead. In the absence of any reversal signals the path of least resistance remains higher and a daily close above 7680 would further confirm this breakout.

The US100 has made a new record high today with the market gapping higher and moving up above 7700. Source: xStation

Tesla, one of the components of the US100 is making headlines once more with the stock called to open sharply higher after recent declines. The share price is projected to open around 15% higher somewhere near 305 after CEO Elon Musk settled charges with the SEC. The SEC had charged Tesla with fraud alleging Musk of issuing “false and misleading” statements in a tweet when he said he’d take the company private. Musk has settled after agreeing to pay a civil penalty of $20m and give up his role as chairman of the board for at least 3 years.

Tesla shares dropped sharply on Friday after news of the SEC charges broke but nearly all the declines are expected to be recouped on the opening bell with the stock surging in the pre-market after Musk settled over the weekend. Source: xStation

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