Market Update for May 13, 2019
In today's update:
1) China retaliated by raising tariffs on U.S. goods and U.S. Equities plunged posting their worst day in 9 months. The Dow Jones Industrial Average dropped 617.38 or 2.38%, the S&P 500 fell 69.53 or 2.41% while the Nasdaq 100 closed lower by 269.92 or 3.41% and the Russell 2000 finished lower my 49.99 or 3.18%.
2) Crude Oil Futures also dropped on concerns over U.S. - China trade tensions closing lower by $0.79 or 1.28% while Gold Futures had their best day in 3 months closing higher by $13.00 or 1.01%. The Bond market moved sharply higher and the yield on the 10-year Treasury Note fell to 2.409%.
3) The failed Rally attempt in afternoon trading made today's drop feel very real. There was an increase in volume and more money moved out of Equities and into Bonds and Gold. If the four main U.S. Equity indexes don't hold current support levels, this downturn will become much worse.
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
