For the stock market today midweek review, the dominating news story is President Trump and his phone call with the Ukrainian President. There is no reason for me to go over it because if you have seen any news outlet the last 48 hours then that has been the dominating headline.
As I have mentioned before, the news is just an excuse for the banks and institutions to make bigger than normal moves in the market in order to position themselves appropriately.
The news yesterday “caused” the move down and then today the market rallied. There will be something new tomorrow. The market had been too quiet for nothing to happen which it has this week. I’m still looking for more movement to the downside as the days carry on.
What will tomorrow bring?
The article in yellow is the most interesting one on the page regarding stock market news.
Investors are betting on a Clinton-like market rally if House Impeaches Trump
Stocks so far are shrugging off risks that President Donald Trump could be impeached, but investors may be betting that if he is, the market will ultimately rally, the way it did in the Clinton era.
On Tuesday, House Speaker Nancy Pelosi announced that the House would investigate impeaching Trump for seeking help from the president of the Ukraine in gathering dirt on Democratic presidential candidate, Joe Biden and his son.
The idea of impeachment was initially a negative for stocks, which sold off Tuesday as investors anticipated Pelosi’s 5 p.m. announcement. Stocks were mixed in early trading Wednesday but came off lows when a memo of Trump’s conversation with Ukraine’s president did not show that Trump threatened to withhold aid from Ukraine.
S&P 500 Chart with the Stock Market Today for 9-18-2019
This is a multi-day review using the 15-minute chart for the S&P 500. The reason I am showing this is that the 8.236% long setup was completed today.
The initial entry was the day before when the price hit the 8.236% line (the green line) at 2966. That made the exit at the yellow line at 2985.75 which was hit today.
When President Trump released the transcripts of his talks with the Ukrainian President the market shrugged it off and rallied today to complete the long setup.
Yesterday the market went down when Nancy Pelosi announced the House would investigate President Trump.
Obviously the markets view this new attempt at impeachment as another farce.
Dow Jones Industrial Average Chart
The Dow Jones is in a clear trend to the upside. I’ve drawn the trend-line which can be adjusted as the trend becomes more defined. But a move up has definitely happened.
Until that trend is broken then I will be looking for more movement to the upside. A long setup was completed today that I will go over in the video that you can find in the video section of this post (lower).
Crude Oil Chart
From the post I did regarding crude oil yesterday, I am bearish until the price fills the gap at around $54.88. After that I will look to see what new setups present themselves.
Until that happens I am bearish on the price of oil.
Today oil rebounded off of the low of $55.55 to wind up currently at $56.66. I said yesterday that I recommend fading any move up and I stand by it.
The chart above is another multi-day chart. The bottom of the blue box is the gap I am looking for the price to fill that was created when the price of crude oil sky-rocketed up after Iran attacked some of the Saudi Aramco oilfields.
Here is the post where I went over in-depth what I am looking for in crude oil: Crude Oil Price Futures: How to Trade the Oil Market for Late Sept 2019
Video
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Data for the Stock Market Today for 9-25-2019
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If there are any other stocks, futures, Forex, or cryptos you would like to see added to the daily recap then please let me know and I will be glad to get them added. If you can trade it then I can analyze it.
