Market Update for May 22, 2019

In today's update:

1) FOMC meeting minutes confirmed that the Federal Reserve sees no rate moves coming "for some time" but stocks still closed lower. The Dow Jones Industrial Average dropped 100.72 or 0.39%, the S&P 500 fell 8.09 or 0.28% while the Nasdaq closed lower by 34.88 or 0.45% and the Russell 2000 finished lower by 13.62 or 0.88%.

2) Crude Oil Futures dropped sharply closing lower by $1.81 worth 2.87% after a surge in U.S. Crude Stockpiles while Gold Futures finished the day flat and the U.S. dollar closed slightly higher. The Bond market rebounded making back losses from the previous two trading sessions and the yield on the 10-year Treasury Note settled at 2.386%.

3) Shares of Apple Inc. (AAPL) continued to drop today losing another $3.82 or 2.05% to close at $182.78 after hitting an all-time high of $233.47 last October. The stock is likely to test a major support level area around $175.00 and if it fails to hold that level could go much lower.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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