Donald Trump Will Meet North Korea’s Kim Jong Un, Hails ‘Great Progress’; S&P 500, Dow Jones Futures Rise | Stock News & Stock Market Analysis

Futures for the S&P 500 index, Dow Jones industrial average and Nasdaq 100 rose slightly early Friday morning after President Donald Trump agreed to meet North Korean leader Kim Jong Un.


 Trump will meet with North Korean leader Kim Jong Un by May, South Korea’s national security adviser Chung Eui-Yong told reporters late Thursday. South Korean officials met with Trump on Thursday’s with Kim’s invitation and offer to suspend nuclear and missile tests. Chung said that North Korea’s leader said he’s “committed to denuclearization.”

The White House said President Trump “will accept the invitation to meet with Kim Jong Un at a place and time to be determined. We look forward to the denuclearization of North Korea. In the meantime, all sanctions and maximum pressure must remain.”

Trump took to Twitter to hail “great progress” on this huge geopolitical issue.

The sitting leaders of the U.S. and North Korea have never met. It’s a big shift from last year, when North Korea made several provocative nuclear and missile tests and Kim and Trump exchanged heated insults.

S&P 500 index futures rose a fraction vs. fair value. Dow Jones futures were slightly higher. Nasdaq 100 futures climbed 0.15%.

On Thursday, the S&P 500 index, Dow Jones and Nasdaq composite rallied modestly as President Donald Trump’s steel and aluminum tariffs exempted Canada and Mexico for now.

S&P 500 Nears Key 50-Day Line

The S&P 500 closed less than a point below its 50-day moving average. It hasn’t been above that key technical level since the end of February. Will the S&P reclaim key support, or will that line serve as resistance?

The Dow is approaching its 50-day as well, but still has work to do. The Nasdaq has held above that area for several weeks.

Apple Stocks In First-Stage Bases

Apple (AAPL) suppliers STMicroelectronics (STM), Skyworks Solutions (SWKS) and Lumentum Holdings (LITE) are closing in on buy points in first-stage bases. Apple, for its part, is in a second-stage base.

Early-stage bases are more likely to be big winners and less likely to fail. One concern with many breakouts over the past year is the stocks are in third-, fourth-, fifth- or even sixth-stage bases. While some of them continue to work, with (AMZN) a notable example, late-stage bases are riskier.


STMicroelectronics rose 3.3% to 24.21 in Thursday’s stock market trading, approaching a 25.40 buy point from a short consolidation going back to Jan. 19. The relative strength line, which tracks the stock’s performance vs. the S&P 500 index, has not made headway in recent months, but is approaching its January peak.

The European chipmaker provides a front-facing 3D sensing module for the Apple iPhone. It’s also supplying chips for the Tesla (TSLA) Model 3.

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Skyworks Solutions

Skyworks dipped 0.1% to 111.44, but it’s just below a 112.38 entry from a cup-with-handle base. The RS line is at short-term highs, but well off consolidation peaks.

Lumentum Holdings

Lumentum shares rose 0.1% to 65.35, meeting resistance around 67, but haven’t fallen for seven straight sessions. The buy point is 68.73 from a deep consolidation going back to late July. The RS line is still well off highs, but it would be encouraging if it could get above late October levels before or during the breakout.

Lumentum provides 3D sensor tech for the Apple iPhone.


As for Apple, shares rose 1.1% to 176.94, consolidating in a high handle from a V-shaped cup base, giving it a 180.71 buy point. The RS line is near the highs of the consolidation after a long period of lagging.


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Originally posted 2019-09-19 23:10:40.


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