Market Update for May 9, 2019
In today's update:
1) U.S. Equity markets closed lower for the fourth straight day after another volatile session with much higher-than-average volume. The Dow Jones Industrial Average dropped 138.97 or 0.54%, the S&P 500 fell 8.70 or 0.30% while the Nasdaq 100 closed lower by 32.73 or 0.41% and the Russell 2000 finished lower 4.92 or 0.31%.
2) Crude Oil Futures fell $0.53 or 0.85% while Gold futures finished slightly higher gaining $3.30 or 0.26% on weakness in the U.S. dollar. The Bond market posted gains and the yield on the 10-year Treasury Note dropped to 2.455%.
3) Traders will be keeping a close eye on U.S. Equity Futures and overseas markets this evening as the midnight deadline for new China tariffs fast approaches. If a deal is reached or the deadline is extended, expect stocks to rally. However, if they can't reach a deal and a full-scale trade war develops, expect stocks to move significantly 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
