1) A spike in the price of Crude Oil caused a drop in U.S. Equity markets and renewed fears of slowing global economic growth. The Dow Jones Industrial Average dropped 142.70 or 0.52%, the S&P 500 fell 9.43 or 0.31% while the NASDAQ 100 closed lower by 23.17 or 0.28% and the Russell 2000 finished higher by 6.46 or 0.41%.
2) Crude Oil Futures surged $6.95 or 12.69% Monday after the weekend attacks in Saudi Arabia while Gold Futures jumped $7.10 or 0.48% despite a strong move in the U.S. dollar. The Bond market also advanced and the yield on the 10-Year Treasury Note settled at 1.843%.
3) Today's price action confirmed a lower pivot high for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 equity indexes. This sets up a potential Head and Shoulders topping formation which has been developing since last April. The Russell 2000 Index has not confirmed a lower pivot high yet but is facing overhead resistance at the 1600 price level.
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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