Market Update for January 6, 2019
In Today's Update:
1) U.S. Equities soared thanks to a stronger-than-expected jobs report and comments from Federal Reserve chairman Jerome Powell. The Dow Jones Industrial Average gained 746.94 or 3.29%, the S&P 500 added 84.05 or 3.43% while the Nasdaq 100 closed higher by 275.35 or 4.26% and the Russell 2000 finished higher by 49.92 or 3.75%.
2) Crude Oil Futures posted strong gains as well while Gold Futures retraced gains from the previous session and closed lower by $8.60 or 0.66%. The Bond market fell sharply and the yield on the 10-year treasury note jumped to 2.67%.
3) The Federal Reserve is clearly doing everything in his power to prop up this market but there is something right around the corner that will make their job much more difficult. That something is Earnings Season and if company earnings reports reveal the impact of tariffs on their business similar to the impact they have had on Apple Inc. (AAPL), the equity markets will most like move lower.
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
