Market Update for July 17, 2018
In today's update:
1) U.S. equities started the day on a down note but buyers stepped back in to buy technology shares and pushed the Nasdaq Composite Index to a new all-time high. The Dow Jones Industrial Average gained 55.53 points, the S&P 500 added 11.12 points while the Nasdaq 100 closed higher by 49.40 points and the Russell 2000 finished higher by 8.72 points.
2) Crude Oil Futures dropped slightly today while Gold Futures traded lower by more than $12.00 or 1% after Federal Reserve Chairman Jerome Powell's testimony to U.S. Congress resulted in a much stronger dollar. The Bond market also traded lower sending the yield on the 10-year treasury note up to 2.865.
3) During periods of increased volatility and uncertain times the safest things you can do is look for any market trading at a new all-time high. The Technology sector is a perfect example of this recently and today, buyers pushed many of the big-name stocks in this sector to fresh new highs.
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
