Summary:

• US500 moves above 2540 to post record high
• Market on track for longest winning streak since 1997
• US100 breaks through 6000 for first time ever

Another day, another record for US stocks. The remarkable rise in the stock market across the Atlantic is showing little sign of letting up with today seeing all-time peaks made in the US500, US100 and US30. 

 The US500 continues to rise and add to its gains seen since last year’s election. Source: xStation

President Trump, never one to shy away from an opportunity to congratulate himself on the rise in equities, tweeted this afternoon the following:

 “Stock Market hits an ALL-TIME high! Unemployment lowest in 16 years! Business and manufacturing enthusiasm at highest level in decades”

The Wall Street open saw the S&P500 open at its highest ever level and should we see a higher close tonight, it will mark 8 consecutive days of gains. This would match the longest successive winning streak for the market since 1997 and provides further evidence as to how strong the current upside momentum has been. (Note The US500 is based on the underlying S&P futures contract and therefore trades 24 hours a day. This is why the 25th Sep is red on the (US500 but the US session which is 2:30-9pm BST was still positive on that day.)

 The US500 is looking to post another green close to keep its incredible run going. Source: xStation

Given that the US500 has made a record high in each of the last 7 sessions it could be argued that it is a little late to join the party now, potentially having missed a good part of the latest break higher. The US100 however has only broken to a record peak today and could be seen as lagging behind the wider US500. The US100 has broken back above the big psychological level of 6000 recently and in moving above 6019, the price has cleared an area that has previously acted as resistance. Should price close around these levels, or higher, this evening then that would be seen to provide further confirmation of the breakout. 

 The US100 has lagged the US500 in only breaking to its all-time highs today. Source: xStation

On the data front there has been some more positive second tier data fro the US following on form the better than expected initial jobless claims earlier. Durable goods orders rose to 2.0% Y/Y compared to 1.7% expected and with the core element also rising the steady uptrend seen since the beginning of 2016 remains in tact. 

 Both durable goods orders and the core component are continuing to rise. Source: xStation