Market Update for March 10, 2019
In Today's Update:
1) Stocks closed lower for the fifth straight session and post their worst week of 2019 after the jobs report showed a sharp slowdown in U.S. hiring growth last month. The Dow Jones Industrial Average dropped 22.99 or 0.09%, the S&P 500 fell 5.86 or 0.21% while the Nasdaq 100 closed lower by 13.32 or 0.18% and the Russell 2000 finished lower by 1.74 or 0.11%.
2) Crude Oil Futures closed well off their intraday low on Friday but still closed lower by $0.62 or 1.09% while Gold Futures rallied to close higher by $12.50 or 0.97% on renewed weakness in the U.S. dollar. The Bond market traded higher nd the yield on the 10-year treasury note dropped to 2.635%.
3) The Jobs report absolutely stunned the market on Friday coming in much lower than expected. It was so terrible that most people questioned its accuracy. So what's next? Well, if you believe negative divergence, the long-term outlook is not good.
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
