Market Update for July 22, 2018
In today's update:
1) U.S. equities closed slightly lower on Friday after Donald Trump announced that he is ready to put additional tariffs on China. The Dow Jones Industrial Average dropped 6.38 points, the S&P 500 fell 2.66 points while the Nasdaq 100 closed lower by 5.10 points and the Russell 2000 finished lower by 4.50 points.
2) Crude Oil Futures posted their third consecutive weekly loss while Gold Futures were one of the few bright spots closing higher by $7.90. The Bond market was down sharply sending the yield on the 10-year treasury note up to 2.896 and the U.S. dollar pulled back after having a difficult time trading above 95.50.
3) Rising bond yields, additional tariffs on China, and economic data reports all have the potential to move the market this week but earnings season should have the biggest impact overall. This week LMT, MMM, VZ, BA, KO, GM, MCD, MA, TWTR, AND MRK are all scheduled to release earnings.
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
