- The Dow fell 0.80% On Friday while the S&P 500 dropped 0.62% and the Nasdaq closed just above flat.
- It has been a very mixed week for stocks where the market started stong but found more selling towards the end of the week.
One of the big stories today comes as Apple moves to close some of their US stores amid growing fears about the COVID-19 pandemic. The company stated it would reclose 11 stores across the U.S. in Florida, North Carolina, South Carolina, and Arizona after the coronavirus case counts racked up.
Today is also quadruple witching, when stock options, stock index futures, and index option contracts expire on the same day. This means that traders and investors need to rebalance their positions and rollover some current holding.
Commodities have performed well today as gold, silver, copper, oil and nat gas all trade higher. This gave the energy names some reprieve after struggling earlier on in the week. The VIX has also found itself moving lower but it is still now under the key moving averages (55 and 200) conclusively.
This week has been one to forget for the travel names as Norwegian Cruise Line Holdings, Travellers and Trip Advisor all fell over 10%. Semi-Conductor and Pharma names have traded very well as the leaderboard on the Nasdaq is NXP Semiconductors is in pole position followed by Biomarin Pharmaceuticals for the week.
S&P 500 daily chart
The S&P 500 has stuttered once again today and the rollover to the downside is looking increasingly likely. The arrow points out the doji (indecision) candles where the bulls and bears seem to be held at equilibrium. The wave low of 2936.50 is the key support as if it is broken the lower high lower low price action would be confirmed. Dow theorists and Elliott wave traders would be licking their lips at the prospect.
Next week then will be very important and the weekend coronavirus news could cause havoc at the open. On the downside, the moving averages will also need to be taken out and the last time the price hit the combination of the two it quickly recovered higher.
-637281923441583974.png)
Additional levels
All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.
Recommended content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.