Blue-Chips Follow Suit to Tag Fresh All-Time High

U.S. markets opened at fresh record highs to start Monday’s action amid increasing optimism on trade. Commerce Secretary Wilbur Ross reiterated over the weekend that good progress was being made on a phase one deal with China and also suggested the U.S may not need to impose EU auto tariffs.

The Nasdaq was up for the 3rd time in 4 sessions after rising 0.6% while trading to an intraday high of 8,451. Fresh and lower resistance at 8,450-8,500 was cleared but held with additional hurdles at 8,600-8,650 on a close above the latter.

The Russell 2000 also gained 0.6% with the session peak reaching 1,602. Fresh and lower resistance at 1,600-1,615 was cleared but held with a close above the latter and the May 52-week high at 1,618 getting 1,625-1,640 in play.

The Dow rose 0.4% after testing an all-time intraday high of 27,517. New and lower resistance at 27,500-27,750 was cleared but held with a close above the latter signaling a possible run towards the 28,000 level.

The S&P 500 was also higher by 0.4% following the record run to 3,085 shortly after the opening bell. Fresh and lower resistance at 3,075-3,100 was cleared and held with melt-up potential towards 3,125-3,150 on a move above the latter.

Energy was the strongest sector after zooming 3.3% while Industrials and Financials added 1.2% and 0.9%, respectively. Utilities and Real Estate were the weakest sectors for the 2nd-straight session after giving back 1.3% and 1.1%, respectively.