Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 10th of November.
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Don't Underestimate Yesterday's Market Action
Yesterday's action in the equity markets is a grim reminder of just how fragile the economic and financial system is globally. We would not dismiss the market action as just another pullback in the market.
The sharp down move should not be ignored, in my opinion. We are looking at a key support level on the S&P 500 at $1220. A close below that level will accelerate the decline to the next key level of support, which is $1180. That move may have to wait until Friday as traders jockey for positions today.
For the year, the S&P at the moment is down, the NASDAQ is flat, and the DOW is barely higher with gain of 3%.
The copper market gave a pretty strong negative signal yesterday, as it moved below the $3.50 level. The copper market is telling us that demand is just not there for this industrial metal. Continue reading "Don't Underestimate Yesterday's Market Action"