Market Update for Jan 22, 2020

In today's update:

1) U.S. Equity markets closed mixed after another low range, low-volume day. The Dow Jones Industrial Average dropped 9.77 or 0.03%, the S&P 500 added 0.96 or 0.03% while the Nasdaq-100 closed higher by 12.96 or 0.14% and the Russell 2000 finished lower by 1.44 or 0.09%.

2) Crude Oil Futures dropped sharply closing lower by $1.64 or 2.8% on oversupply concerns while Gold Futures finished the day flat despite some strength in the U.S. dollar. The Bond market traded slightly higher and the yield on the 10-Year Treasury Note settled at 1.774%.

3) Shares of Tesla Inc. (TSLA) have been on an incredible run for months now and short sellers continue driving them higher. The stock hit a new high of $594.50 today before closing at $569.56, a gain of $22.36 per share or 4.09%. If this trend continues, Elon Musk stands to earn an enormous compensation package worth more than $55 billion.

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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