Of those involved in made several arrests. The largescale protest is also planned for new years day. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I Mark Crumpton. This is bloomberg. Scarlet i am scarlet fu. Taylor this is Bloomberg Markets the close. Arlet forget call and think oil. President trump set up polymeric trade deal is done, sending crude lower. Cofounder Travis Kalanick steps down. We have all of that and more coming up. Taylor first i want to get a look at the markets. The tech sector, i know i am in San Francisco and you think it is all i can talk about but i continue to be astounded by the tech market. It is a big out performer. Today not a ton of movement but on the year it is the winner. Tesla about 420 a share. In my world, another day, another record for shares of tesla. I know you are also taking a look at the 10 year. We were talking about this global bonds selloff, the ri
Lets get to our market reporters. What are we watching . The index watching cryptocurrencies including bitcoin and either. If we look at a chart of the global strength indicator, we can see it flashed a buy signal with the index getting it percent since tuesday. That is good news for crypto fans who have seen crypto come under pressure in the last few months. Your look at bitcoins performance, we can see it rose 277 through june, lost half of we valley since then, but have some analysts coming out and saying 2020 be better for crypto prices. Say bitcoin could rise as much as 10,000 in 2020. That would be quite the rise for bitcoin appeared on the rise this year, the s p 500 up really 29 . Santana clearly visiting stocks this year with the s p 500 climbing that wallow worry. The official santa claus rally pens on january 3. Lets look at a chart that may give some clues. Lets take a look at a threemonth chart of the s p 500 and the dollar. A risk on period with dollar yen and the s p 500
General Public Perception of economic growth, and the like. Romaine we saw it about two points off the alltime high. The dow jones also up 0. 3 . The nasdaq, 100. Scarlet we should mention as well let the russell 2000 did end up with gains, but has been a laggard. 10 below its record high, reached last august. Romaine dow transport is down a half percent as well, so another sector you tend to want to see join the party. Lets dive deeper into the market action. Abigail, get us started. Abigail the s p 500 almost closing at a record high, that during the day putting in on alltime high. Is 3000 a psychologically important level, or is it important for the technicals . We will tune into that at work 40. Lets look at the chart we have looked at since the beginning of june. He goes back to december of 2017 area there is a huge range. The bulls and the heirs bears are really duking it out. The s p 500 seems to be moving into this pattern, suggesting the s p 500 is confirmed for well above 300
As we rally is up as much heard that the rsi was overextended, technicians dont like that. Momentum isal that strong. Right now, looking at a very the rsc elloff, the rsi higher. It might suggest that despite the twoday decline, more gains could be ahead. Emma something that has not gaining, the online category. Draggingor falling and other names like looking down with like booking down with it. They said Industry Trends are not good. Traffic in general is falling. They werecomes as added to the conviction list, tripadvisor. Note winning out at guggenheim today. That could offer some worrying signs about consumers disposable income and how much they are spending. Taking a look at iron ore. Looks like it is opposite to friday. Friday, a twoyear low. Now, it looks like it is having a rally. Demand is seeming to hold steady. Amidstyear high disruptions at minds, and stockpiles in china remain low. Most Industrial Metals today are doing better. You can look at the bloomberg industrial meta
Some areas than others. Caroline perhaps more idiosyncratic. Lets dive deeper. Abigail, what are you watching . The contrast between the close on the day and the close on the week. On the week, all major averages higher. Lets dig into the technicals. There is reason to believe that could continue. This goes back to 2011. When the s p 500 consolidates down and then pops, the bulls are resting. The sellers trying to push through. The average continues to climb. There are several moments even last year at the beginning of last year, we had that volatility. 500 to newd the s p alltime highs. Appears to be a similar situation with the s p bouncing off that 40 week moving average. The s p 500 might rise above that alltime high. Maybe towards 3100. Perhaps the fed meeting could be a catalyst. Upive been watching oil, around 0. 5 on the day, close to 3 over the past two days. The rally not enough to keep oil in the green on the week. We are headed to a decline of more than 2 on the week. That