Market Update for Aug 28, 2019
In today's update:
1) Stocks started Wednesday's trading session lower but rallied to close significantly higher. The Dow Jones Industrial Average gained 258.20 or 1.00%, the S&P 500 added 18.78 or 0.65% while the Nasdaq-100 closed higher by 29.94 or 0.38% and the Russell 2000 finished higher by 16.67 or 1.15%.
2) Crude Oil Futures posted its second gain in as many days after a surprise drop in U.S. Crude inventories while Gold Futures pulled back slightly on strength in the U.S. dollar. The Bond market finished the day flat and the yield on the 10-Year Treasury Note settled at 1.470%.
3) Shares of Netflix (NFLX) have been dropping steadily after reporting disappointing quarterly earnings on July 17, 2019. NFLX closed the day at $291.77 but technicals suggest it should move lower from here. The key level to watch is $230.00, if NFLX fails to stay above to $230.00 it will most likely head towards its next support zone at $130.00.
About the author
Vince Vora is the head trader at TradingWins.com. Over the last three decades, he has been trading and refining his trading systems that are based on technical analysis and price action. Over the last few years, his focus has been on teaching people how to become better traders. His systems range from simple to sophisticated and can be used in any market conditions to trade stocks, options, futures and forex. By: TradingWins Team
