Tag: S&P 500 (CME:SP500)

Hello traders everywhere. Global tensions have Rocked the oil markets today sending crude oil to a three year on the back of a +3% gain in Tuesday's trade. WTI crude is trading above the $66, a +2% gain, breaking through the previous levels of resistance were sitting just shy of $65. The last time the price oil was this high was in 2014.

The reason for the sharp upward move stems from comments by Russia and the United States over the conflict in Syria. Russia's ambassador to Lebanon told local media that Russia would shoot down American missiles headed Syria's way. This follows an alleged chemical weapons attack by President Bashar Assad that killed dozens in a rebel-held area over the weekend.

President Trump responded via Twitter saying:

"Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and 'smart!' You shouldn't be partners with a Gas Killing Animal who kills his people and enjoys it!"

To add to that, the Energy Information Administration (EIA) data on Wednesday showed swelling surpluses at the biggest domestic storage complex as well as nationwide last week. American crude production also climbed, while exports of American oil declined to 1.21 million barrels a day.

Key Levels To Watch This Week:

S&P 500 (CME:SP500): 2,741.38
Dow (INDEX:DJI): 24,977.65
NASDAQ (NASDAQ:COMP): 6,630.67
Gold (NYMEX:GC.M18.E): 1,330.10
Crude Oil (NYMEX:CL.K18.E): 61.93
U.S. Dollar (NYBOT:DX.M18.E): 88.53
Bitcoin (CME:BRTI): 6,194.46

Every Success,
Jeremy Lutz
INO.com and MarketClub.com

Hello traders everywhere. After a Friday close of -2% for all three major indexes, the stock market has rallied today with gains of +1.5% for the DOW and S&P 500 respectfully, while the NASDAQ is posting a +2% gain on the day.

Of course, this move higher comes on a feeling that the trade war with China won't happen or that it won't be as bad as we first thought.

Treasury Secretary Steven Mnuchin said on Sunday he does not expect a trade war between the U.S. and China to take place and President Donald Trump himself said in a tweet Sunday: Continue reading "Stocks Rebound As Trade War Fears Fade" →

Hello traders everywhere. Fear of a trade war between China and the U.S. has returned to the stock market Wednesday, hitting U.S. stocks hard at the open and sending investors into haven assets from gold to Treasuries.

The DOW opened considerably lower and headed down as much as 510 pts before bouncing off the lows in early trading and looks to have settled around the 1% loss territory mid-day. We'll have to keep a close eye on the close today to see if there's any follow through from the harsh open.

China and the United States both announced tariffs on $50 billion of each others' imports. But, while Washington's list covers many obscure industrial items, Beijing's covers 106 essential U.S. imports including soybeans, planes, cars, and chemicals.

The speed with which the trade struggle between the two countries is ratcheting up is blinding. China took less than 11 hours to respond with its measures.

Key Levels To Watch This Week:

Continue reading "China Retaliates By Slapping Tariffs On U.S." →

Hello traders everywhere. Thursday's positive gains failed to follow through on Monday after the Easter weekend with a widespread sell-off taking hold and pushing all three indexes into correction territory.

Tech troubles and tariffs have pushed the S&P 500 through the 200-day moving average which viewed as a critical level of support. Technical traders and chartist alike believe that this breach can foreshadow even more significant declines down the road.

Now let's talk about the word correction. A correction is defined as "a reverse movement, usually negative, of at least 10% in a stock, bond, commodity or index to adjust for an overvaluation".

With that in mind, all three major indexes have dipped and flirted with correction territory today. At their lows of the day the S&P 500 was down 10.5%, The DOW was down 11.6%, and the NASDAQ was down 10.2% putting all three indexes in correction territory. Only the NASDAQ has been able to rebound, but it's still incredibly close to closing the day in a correction. Continue reading "S&P 500 and DOW In Correction Territory" →