Hello traders everywhere. Apple Inc. (AAPL) is leading declines in the technology sector which in turn is dragging down U.S. indexes ending what looked to be a positive week for stocks mid-week. Energy companies are also taking a bit of a hit from lower oil prices after President Donald Trump's criticism on OPEC in a tweet earlier in the morning saying that:
"Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted"!
The S&P 500, DOW and NASDAQ are all trying to post small gains for the week overall, which would give the three indexes their first back to back weekly gains since mid-February.
The almighty dollar is ending a strong week with a gain of .58% erasing the losses that it saw last week on the back of rising interest rates. Treasury yields are headed toward 2.95% on the week.
Even with today's early weakness crude oil is will post a weekly gain of 1.4% extending the +8% gain from last week.
Gold has come under heavy pressure today losing .65% on the day and erasing it's early week gains losing .68% on the week. This move comes after a couple of strong weeks for the precious metal.
The big mover of the week just may be Bitcoin. BRTI is posting a weekly gain of over 7% trading back above it's 50-day moving average for the first since early March. Will it head higher from here? only time will tell, but I would like to see it trade back above it's 200-day moving average sitting at the $9,700 level.
Key Levels To Watch This Week:
S&P 500 (CME:SP500): 2,553.80
Dow (INDEX:DJI): 23,344.52
NASDAQ (NASDAQ:COMP): 6,805.90
Gold (NYMEX:GC.M18.E): 1,359.00
Crude Oil (NYMEX:CL.M18.E): 66.54
U.S. Dollar (NYBOT:DX.M18.E): 88.94
Bitcoin (CME:BRTI): 8,504.33
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
