Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 22nd of June.
Make no mistake about it, Thursday was a disaster for the bulls in the equity markets. Watching crude oil fall below $80 a barrel and seeing gold crashing down, it was difficult to see what was going to keep stocks higher for the day. Yesterday's stock crash was a huge blow to the bullish case for stocks. As you know, our long-term monthly Trade Triangle has stayed negative on the equity markets and remains negative. We are now lower for the week in the S&P 500, the DOW and the NASDAQ. A flat to mediocre close today will be indicative of more pressure on the equity markets next week.
Gold is flat for the year and shows no indication of turning around anytime soon. Crude oil is also down on the year and is not closing well on the weekly charts. Continue reading "Daily Video Update: Thursday was a disaster for the bulls"
