Market Update for July 11, 2018
In today's update:
1) What a difference a day makes, stocks closed sharply lower after the Trump Administration announced another round of tariffs on China. The Dow Jones Industrial Average dropped 219.21 points, the S&P 500 fell 19.82 points while the Nasdaq 100 closed lower by 42.59 points and the Russell 2000 finished lower by 11.96 points.
2) Crude Oil Futures had their worst trading day in over a year sinking $3.45 or 4.66% while Gold Futures dropped again on continued strength in the U.S. dollar. The Bond market traded slightly higher today sending the yield on the 10-year treasury note down to 2.840.
3) With the added tariffs on China and a strengthening U.S. dollar, Gold Futures are facing increasing pressure. A popular gold mining stock, Newmount Mining, is about to test a very significant level of support. Can it hold or will it collapse and take the rest of the sector with it?
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
