Market Update for May 29, 2019

In today's update:

1) Worries over an economic slowdown escalated Wednesday after bond yields plunged and equities closed sharply lower. The Dow Jones Industrial Average dropped 221.36 or 0.87%, the S&P 500 fell 19.37 or 0.69% while the Nasdaq 100 closed lower by 60.04 or 0.79% and the Russell 2000 finished lower by 14.07 or 0.94%.

2) Crude Oil Futures finished the day flat while Gold Futures advanced $2.50 or 0.20% despite more strength in the U.S. dollar. The Bond Market traded higher and the yield on the 10-year Treasury Note settled at 2.264%.

3) The Head and Shoulders pattern is a specific chart formation that predicts a bullish to bearish trend reversal. Statistically, it is one of the most accurate price action patterns and almost always results in lower prices. This pattern is now clearly visible on all four main U.S. Equity Index charts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

author avatar

Comments (no login required)

Login

Forgot Password?

  • NOVEMBER 19-20
  • LAS VEGAS
  • THE FOUR SEASONS HOTEL

don’t miss the

Trading Event of the Year

Dominate the Equity, Futures and Options Markets this fall

Site visitor