Market Update for November 28, 2018
In Today's Update:
1) Federal Reserve Chairman Jerome Powell caves under pressure from Trump's Tweet storm and the U.S. Equity markets post their biggest rally in 8 months. The Dow Jones Industrial Average gained 617.70 or 2.50%, the S&P 500 added 61.61 or 2.30% while the Nasdaq 100 closed higher by 208.89 or 2.95% and the Russell 2000 finished higher by 37.53 or 2.51%.
2) Crude Oil futures posted another loss and a new 52-week low on rising U.S. Crude stockpiles while Gold futures rally to gain $7.20 or 0.59% on weakness in the U.S. dollar. The Bond market closed lower but the yield on the 10-year treasury note remained at 3.06%.
3) Does today's trading action confirm a bottom and is this the start of a Santa Claus rally? The market technicals are not confirming a bottom just yet and there is one more major hurdle to overcome, it's called the G20 Summit.
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
