Another wild trading session on Wall Street
- US Market
- 3 months ago
Wall Street again saw a wild trading session as all the major indexes shed their early gains as the ongoing U.S.-China trade war deadline seems more unlikely.
The Dow Jones Industrial Average, (DJIA), added 69 points, or 0.3%, to settle near 24,597, based on preliminary numbers while the lack of clarity left the index in negative territory and below the 23.6% retracement Fibo of the October rout.
The Nasdaq Composite COMP, -0.39% ended lower by 0.4% at 7,070
US stocks started strongly after a bullish performance in Asia due to U.K. Prime Minister Theresa May surviving a vote of no-confidence and President Donald Trump assuring observers that talks have been progressing, prompting the DJIA to open up 0.2%.
However, news that China had arrested a second Canadian national in apparent retaliation for Meng’s arrest soured the market's mood.
There were also wires that Trump’s aids were warning the president that his authority to intervene in the affair is limited.
Best and worst of the DJIA:
Procter & Gamble Co last traded at 96.48, adding +2.45 points or 2.61%.
Mc Donald's Corp last sold at 186.40, adding +2.92 points or 1.59%.
Merck & Co. Inc. closed at 78.98 adding +0.97 points or 1.24%.
Nike Inc closed at72.93, losing -1.39 points, down by -1.87%.
Dowdupont Inc fell to 53.78, losing -0.57 points or -1.05%.
American Express Co last traded at 106.64, dropping -0.84 points or-0.78%.
The index is smothered below the key 38.2% and 23.6% Fibos of the recent rout.
The daily and 4hr RSIs show no bias one way or the other while price travels sideways.
Bears are pouncing on rallies which are leaving long upper shadows on that series of three daily closes. Bulls need to stay above the 21-D SMA at 24511 or risk a drop to the 24000 psychological level.
Source: Smart Trend Team