Market Update for June 24, 2019

In today's update:

1) The Dow 30 closed out a very quiet low-range, low-volume day with a slight gain while the other three main equity indexes closed in the red. The Dow Jones Industrial Average gained 8.41 or 0.03%, the S&P 500 fell 5.11 or 0.17% while the Nasdaq 100 closed lower by 26.01 or 0.32% and the Russell 2000 finished lower by 19.54 or 1.26%.

2) Crude Oil Futures rose slightly gaining $0.40 or 0.70% while Gold Futures spiked another $22.80 or 1.63% to levels not tested since August of 2013. The Bond market showed strength and the yield on the 10-year Treasury Note dropped to 2.017%.

3) IWM, the Ishares Trust Russell 2000 ETF, has been dropping since early May of this year and today flashed another two bearish signs. IWM failed to surpass the $155 level (a key level of overhead resistance) and closed below its 200 simple moving average. If IWM fails to hold support at its 20sma it is highly likely to retest its recent low of $145.00 and potentially drop as low as $125.00.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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