Market Update for May 6, 2019
In today's update:
1) Trump's tariff tweet sinks stocks at market open but buyers step in to help Equity indices close well off their lows. The Dow Jones Industrial Average dropped 66.47 or 0.25%, the S&P 500 fell 13.17 or 0.45% while the Nasdaq 100 closed lower by 40.71 or 0.50% and the Russell 2000 finished higher by 0.95 or 0.06%.
2) Crude Oil Futures also rallied to close higher by $0.71 or 1.15% while Gold Futures finished flat and the U.S. dollar finished slightly higher. The Bond market traded higher and the yield on the 10-year Treasury Note settled at 2.499%.
3) Traders and Investors are still betting that the U.S. and China can reach a new deal on trade but if they fail to do so the impact on Equity markets could be catastrophic. To gauge what buyers and sellers may do tomorrow, keep an eye on U.S. Equity Futures, as well as, the Asian trading session this evening.
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
