American liquidity providers are back at their desks today, following Monday’s observance of Veteran’s Day. Regardless of the increased participation, the markets have continued their slumber. At the half-way point of the U.S. session, all three indices are trading slightly in the green. The muted action is largely attributable to a light economic calendar, even though President Trump spoke on the economy earlier today.

Trump Addresses The Economic Club of New York

It is an unprecedented phenomenon, but scheduled speaking engagements from the POTUS have a fraction of the market impact that a Twitter rant does. Today’s comments from Trump at the Economic Club of New York were no different. The markets remained quiet as traders digested the talking-point-driven commentary.

Here are a few of the highlights from Trump’s statements:

• U.S. stocks would be 25% higher with an accommodative FED
• The FED has put America at a competitive disadvantage to the rest of the world
• U.S. corporate tax rates can go lower
• American energy independence is a primary goal moving forward

Thus far, the U.S. indices have traded largely sideways during Trump’s speech. At press time (1:00 PM EST), values are slightly positive and very near all-time highs.

S&P 500 SPX Approaches 3100.00

For the December E-mini S&P 500, the weekly winning streak sits at five and values are up almost 250 points since the beginning of October.

Overview: For the past month or so, I have begun to look more at weekly charts when analyzing the U.S. indices. The longer time frames offer perspective on the entire year’s price action. In addition, they will likely provide valuable technical information for trading the final stages of 2019 successfully. As always, stay tuned for actionable trade ideas as they arise.

At this point, it looks like the December E-mini S&P 500 is poised to take out last week’s highs and drive even farther into uncharted bullish territory. Barring a major shift in the underpinnings of this market, 3100.00 is going to see action for the first time in history.

It appears that optimism over global trade and a dovish FED are the two drivers of equity market strength. However, there is no formal U.S./China trade deal and Trump impeachment proceedings are progressing. Although it isn’t difficult to find uncertainties in today’s markets, institutional money is still much happier being long equities instead of short.