Market Update for October 8, 2018

In today's video:

1) Stocks recovered from earlier losses, but for three out of the four main equity indices, it was too little too late. The Dow Jones Industrial Average gained 39.73 points, the S&P 500 fell 1.14 points while the Nasdaq 100 closed lower by 52.50 points and the Russell 2000 finished lower by 2.60 points.

2) The Bond market was closed today in observance of the Columbus Day holiday so the yield on the 10-year treasury note remained at 3.23%. Crude Oil Futures were little changed but Gold Futures dropped $14.10 or 1.17% on a rise in the U.S. dollar.

3) Shares of General Electric Co. (GE) continue to climb since putting in a low of $11.21 on September 26th but how high can they go? After reviewing the daily, weekly, and monthly charts it looks as though the first test of overhead resistance will be just above $14.00 per share (Its 200-day simple moving average) followed by a more significant test around $15.50.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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