Market Update for Mar 23, 2020

In today's update:

1) The Federal Reserve announced massive new measures aimed at boosting the economy but U.S. Equity markets failed to rally yet again. The Dow Jones Industrial Average dropped 582.05 or 3.04%, the S&P 500 fell 67.52 or 2.93% while the NASDAQ 100 closed lower by 18.84 or 0.27% and the Russell 2000 finish lower by 11.49 or 1.13%.

2) Crude Oil Futures bounced Monday to close higher by $1.04 or 4.60% while Gold Futures spiked $77.80 or 5.24% despite more strength in the U.S. dollar. The Bond market closed sharply higher and the yield on the 10-Year Treasury Note settled at 0.746%.

3) Democrats and Republicans continue to work on a massive stimulus funding bill that has so far failed twice to get enough votes in a senate procedural headcount. Both parties say they are very close to reaching an agreement and are optimistic that a deal can be reached tonight. This may spur a rally for the equity markets.

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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