1) A divided Fed gave equity markets exactly what they were expecting cutting its benchmark overnight lending rate by 25 basis points. The Dow Jones Industrial Average gained 36.28 or 0.13%, the S&P 500 added 1.03 or 0.03% while the NASDAQ 100 closed lower by 8.62 or 0.11% and the Russell 2000 finished lower by 9.83 or 0.62%.
2) Crude Oil Futures dropped $1.26 or 2.12% after the Trump Administration announced more sanctions on Iran while Gold Futures plunged $12.50 or 0.83% on a spike in the U.S. dollar. The Bond market advanced again and the yield on the 10-Year Treasury Note settled at 1.792%.
3) The Federal Reserve has cut its benchmark overnight lending rate by another 25 basis points, but more importantly, what will they do in the coming months? Fed officials seem to be divided on whether future rate cuts will be necessary leaving traders and investors guessing.
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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