U.S. stock futures are climbing to new record highs this morning as traders are staying optimistic that Washington and Beijing will sign a long- awaited trade deal early this new year. U.S. Treasury Secretary, Steven Mnuchin , said that the deal had already been written and translated and it would not face any renegotiation. “We are going through a technical issue now where again the agreement is translated,” Mnuchin said on CNBC. “I don’t expect there’s any changes. We’ll sign the agreement in the beginning of January.” Overall, the increased Chinese purchases of U.S. agricultural, manufactured goods, energy and services will add roughly a half of a point in the next two years to US economic growth.
This year the S&P 500 is up roughly 28%, on a dovish Federal Reserve, upbeat economic indicators and expectations of the improving trade relations between the world’s two largest economies. The market hit a sixth straight intraday high on Thursday with the benchmark index gaining 1.2% this week.
Resistance is showing 322000 and 322500 while support is checking in around 320300 and 319000.