Market Update for March 7, 2019
In Today's Update:
1) The European Central Bank cut its economic growth forecast for 2019 causing U.S. Equity markets to close lower for the fourth straight session. The Dow Jones Industrial Average dropped 200.23 or 0.78%, the S&P 500 fell 22.52 or 0.81% while the Nasdaq 100 closed lower by 84.46 or 1.13% and the Russell 2000 finished lower by 13.18 or 0.86%.
2) Crude Oil Futures bounced and closed higher by $0.33 or 0.59% while Gold Futures dropped $1.60 or 0.12% on strength in the U.S. dollar. The Bond market traded higher and the yield on the 10-year treasury note settled at 2.638%.
3) One more sleep before the February jobs report is released tomorrow morning before market open. Analysts are expecting the economy to have added 180,000 new jobs in February and anything short of that number would instill even greater fear of slowing global economic growth.
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
