Market Update for February 3, 2019
In Today's Update:
1) A strong jobs report gave equity markets a boost and helped stocks post a six-week winning streak. The Dow Jones Industrial Average gained 64.22 or 0.26%, the S&P 500 added 2.43 or 0.09% while the Nasdaq 100 closed lower by 17.83 or 0.25% and the Russell 2000 finished higher by 2.64 or 0.18%.
2) Crude Oil Futures jumped $1.58 or 2.94% after data showed U.S. Energy firm cut the number of operating oil rigs for the fourth time in five weeks while Gold Futures fell $3.20 or 0.24% on minor strength in the U.S. dollar. The Bond Market retraced Thursday's gains and the yield on the 10-year treasury note settled at 2.686%.
3) This could be an important week ahead for the markets as traders and investors continue to look for clear signs of the next trend. This week's price action could determine whether we are on the cusp of another bull run or confirm that the recent spike in stocks has been nothing more than a classic head fake.
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
