Market Update for November 22, 2018
In Today's Update:
1) Traders and Investors remain nervous after shares of Apple Inc. (AAPL) reverse course intraday and drag the Dow 30 with it. The Dow Jones Industrial Average dropped 0.95 or 0.00%, the S&P 500 added 8.04 or 0.30% while the Nasdaq 100 closed higher by 63.43 or 0.92% and the Russell 2000 finished higher by 19.27 or 1.31%.
2) Crude Oil Futures fell again on Wednesday after news that U.S. Crude inventories ballooned to their highest level since December of last year while Gold Futures closed flat despite a slight drop in the U.S. dollar. The Bond market was little changed and the yield on the 10-year treasury note closed at 3.064%.
3) Shares of AAPL have been under a great deal of pressure falling nearly 25% from their recent high of to $233.47 in early October. The stock closed at $176.78 on Wednesday and will now test a major level of support. If this support level does not hold, AAPL could fall to the $130.00 level very quickly.
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
