Market Update for July 16, 2018
In today's update:
1) Stocks closed mostly lower today as earnings season heated up and blew away one very significant sector. The Dow Jones Industrial Average gained 44.95 points, the S&P 500 fell 2,88 points while the Nasdaq 100 closed lower by 20.26 points and the Russell 2000 finished lower by 8.54 points.
2) Crude Oil Futures were hammered again today dropping $3.09 or 4.35% on news that OPEC has agreed to increase output. Gold Futures traded flat while the Bond market closed lower despite a late day rally and the yield on the 10-year treasury note moved up to 2.852.
3) A strong earnings report from Bank of America (BAC) sent the whole financial sector higher while a disappointing earnings release from Netflix (NFLX) is causing a big sell-off in the after-hours trading session for tech stocks. Amazon's website crashed at the start of their Prime Day event but the stock closed at a fresh new all-time high once again
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
