Stocks fell on Friday, ending the week lower with the DOW posting its fourth straight weekly loss as worrisome developments in Ukraine weighed on sentiment.
As far as Friday's trading was concerned, the DOW dropped 179.86 points or -0.53%, to close at 33,614.80. Likewise, the S&P 500 declined -0.79% to 4,328.87, while NASDAQ moved down -1.66% to end the week at 13,313.44.
On A weekly level, the DOW fell -1.30%, the S&P 500 slid -1.27%, and the NASDAQ suffered the most significant weekly loss, losing -2.78%. However, the flight to safe havens continued with gold gaining +4.30% and the U.S. Dollar gaining +2.03%. Continue reading "Ukraine/Russia Conflict Weighs On Markets"→
Stocks soared on Friday, culminating with the DOW having its best day of trading since November 2020, but was this bounce back at the end of a volatile week and end to the wild ride, or is there more pain on the horizon?
On a daily level, the DOW added 834.92 points or +2.51%, closing at 34,058.75. The S&P 500 gained +2.24% at 4,384.65, and the NASDAQ rose +1.64% to end the day and week at 13,694.62.
However, the +800 point move by the DOW was not enough to push the index into positive territory for the week, with it losing -0.06%. On the flip side, the S&P 500 and the NASDAQ finished the week +0.82% and +1.08% higher. Continue reading "Stock Market Fights Off Volatility"→
A couple of weeks ago, I said that "nothing good happens below the 200-Day MA" and that statement seems to hold up well, especially when it comes to the NASDAQ. However, from a technical standpoint, the NASDAQ may be sounding the alarm for a bigger move lower for the stock market as the 50-day MA is about to cross below the 200-day MA, and we all know what that means. That's right, a "Death Cross"!
If you're new to trading, technical trading, or just need a refresher. The death cross is a technical chart pattern indicating the potential for a major sell-off. The death cross appears on a chart when a stock's short-term moving average crosses below its long-term moving average. Typically, the most common moving averages used in this pattern are the 50-day and 200-day moving averages. While it doesn't always hold true, it could be an early indicator of further pain ahead.
Increasing tensions between Ukraine and Russia sent crude oil to new highs, with it gaining roughly +5% on the day and trading above $93 a barrel. This news led investors to dump stocks and head for safe havens like gold, which spiked over +2% today.
The DOW tumbled 504 points or -1.43% to close at 34,738.06. The S&P 500 dropped -1.90% to finish at 4,418.64, and the NASDAQ fell -2.78% to end the day at 13,791.15. And for the week, the DOW lost -1.00%, the S%p 500 lost -1.82%, and the NASDAQ led the way lower, losing -2.18%.