Market Update for Feb 24, 2020

In today's update:

1) U.S. Equity markets plummet on escalating concerns over the coronavirus and the negative impact it could have on the global economy. The Dow Jones Industrial Average dropped 1031.61 points or 3.56% and the S&P 500 fell 111.86 or 3.35% while the NASDAQ 100 closed lower by 355.31 or 3.71% and the Russell 2000 finished lower 50.51 or 3.01%.

2) Crude Oil Futures fell as much as 5% before closing down $1.95 or 3.65% while Gold Futures soared another $28.00 or 1.7% and the U.S. dollar showed weakness. The Bond market hit new highs while the yield on the 10-Year Treasury Note settled at 1.374%.

3) Today's Equity Market sell-off was the worst one-day drop in 2 years but it could get much worse very quickly. After-market close, United Airlines (UAL) withdrew its 2020 guidance while MasterCard Inc. (MA) lowered its full-year 2020 guidance and this will most likely become a very common theme. Stay tuned for more.

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

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