Hawaii Six O - Gary Wagner
Global Equities Sell-Off Spills Over to U.S. Markets
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Concerns that there is an economic slowdown put pressure on the equities markets overseas, which carried over into the U.S. markets today.
As reported by Bloomberg News, “Volatility continued to grip financial markets, with U.S. stocks heading to their lowest close since April and Treasuries rising alongside the yen, as mounting concern over the health of the global economy overshadowed positive trade developments and signs of strength from the American consumer.”
Although the Dow Jones Industrial Average closed off of the lows today, it still resulted in a decline of 2%. The Dow closed at 24,100.51 after factoring in today’s decline of 496.87 points. The NASDAQ composite experienced similar losses giving up 2.07% in volatile trading today with the tech-heavy index closing at 6,921.13.
Palladium prices tested the record high price once again this week as it unsuccessfully attempted to trade at or above $1,200 per ounce, this the second attempt in the last two weeks. On palladium’s weekly chart, this double top over the last two weeks forms a candlestick pattern simply called tweezer tops. This pattern occurs when two consecutive candles have identical highs and signals real potential resistance at that price point. Palladium futures closed down $20 today and is currently fixed at $1,170.70.
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Wishing you as always, good trading,