Market Update for October 7, 2018

In today's video:

1) There was another broad self-off on Wall Street Friday after a mixed Employment report and another rise in rates. The Dow Jones industrial average dropped 180.43 points, the S&P 500 fell 16.04 points while the Nasdaq 100 closed lower by 91.06 points and the Russell 2000 finished lower by 14.80 points.

2) Crude Oil futures were flat on Friday but Gold Futures gained $5.10 or 0.42% after an unexpectedly weak jobs report. The Bond market sold-off after the unemployment rate fell to its lowest level in 49 years and the yield on the 10-year treasury note hit a fresh seven-year high.

3) Earnings season kicks off this week with several of the big-name bank stocks reporting on Friday. JPMorgan (JPM) will report before market open followed by Citigroup (C), Wells Fargo (WFC), and PNC Financial (PNC). All of these stocks are at key technical levels and could see a major trend change after earnings.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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