Today was a relatively quiet day as far as any big moves happening, considering everything that had been presented and the information that needed to be digested:
- Trade talks between US and China are expected to start up soon
- The Dow and S&P 500 are extremely close to setting their record highs
- Bloomberg faked everyone out by reporting that President Trump’s advisors were considering a deal with China
- The European Central Bank cut its deposit rate by 10 basis points and launched a new bond buying program
You can read more about it from CNBC’s article: Dow posts 7-day winning streak, inches closer to record after tariff delay and ECB rate cut
Overall it is a decent article except for this gibberish they through in at the end:
“The question remains whether this will be enough to reverse the damage caused by the geopolitical disturbances that have undermined corporate and investor confidence (at least towards cyclical assets) in recent months,” said Michael Shaoul, chairman and CEO of Marketfield Asset Management, in a note. “Given the extremes to which allocations were pushed in the last part of August we believe that we might have reached an important turning point that will see relative performance trends change quite markedly in the weeks ahead.”
That is Wall Street talk for “the market is going to move but we have no idea when so I’ll give you quote to make it sound like this is important information that can help your trading.”
S&P 500 Chart
You can see that even though the S&P 500 ended up today that it was mainly a range day. The black lines are the day’s high and low.
You can see the craziness start to happen around 9:00am when the chart started making huge candle swings. I am using a 5 minute chart to show the daily moves so the swings will be greater on it.
But the market settled down and finished around 3,011.25. Today’s low was around 3,001 and the high was 3,021.75. So even though there were some decent sized moves in a short amount of time the day ended up being a range day for the S&P 500.
Crude Oil Chart
Crude oil took a hit today when it fell from its highs of $56.33 and went down all the way to $54.00 before it settled around $55.13. The black lines are the day’s high and low.
