Hello traders everywhere. For the first time since early March, all three indexes have traded below their 200-Day MA. In fact, they are also trading below their 50-Day MA as well, is this a signal that the stock market is set up to head lower? As we head into afternoon trading the DOW, S&P 500 and NASDAQ are down over -1% on the day with the DOW recovering slightly after being down 400 pts in early trading.
The 10-year Treasury note yield fell to its lowest level since September 2017 and traded around 2.22%. A portion of the so-called yield curve further inverted as 3-month Treasury bills last yielded 2.353%, well above the 10-year rate. A yield curve inversion is seen by traders as a potential sign that a recession is on the horizon.
Key Levels To Watch This Week:
- S&P 500 (CME:SP500): 2,681.83
- Dow (INDEX:DJI): 24,883.04
- NASDAQ (NASDAQ:COMP): 7,225.14
- U.S. Dollar (ICE:DX): 97.13
- Gold (NYMEX:GC.M19): 1,285.80
- Crude Oil (NYMEX:CL.N19): 59.24
- Bitcoin (BITCOIN:BITSTAMPUSD): 5,562.44