Market Update for January 7, 2019
In Today's Update:
1) Stocks end a choppy trading session higher as trade talks between the U.S. and China continue. The Dow Jones Industrial Average gained 98.19 or 0.42%, the S&P 500 added 17.75 or 0.70% while the Nasdaq 100 closed higher by 84.61 or 1.26% and the Russell 2000 finished higher by 24.63 or 1.78%.
2) Crude Oil Futures advanced $0.73 or 1.52% after Saudi Arabia announced plans to aggressively cut oil exports while Gold Futures added $4.20 or 0.33% on weakness in the U.S. dollar. The bond market closed slightly lower and the yield on the 10-year treasury note settled at 2.692%.
3) After hitting a 52-week low on December 24th, Crude Oil Futures have been rising but may have a difficult time getting above the $50.00 level. In fact, Crude Oil may actually be setting up for a significant short play down to as low as $26.00.
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
