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Good afternoon Elliott wave fans. I’m Derek Bruce with Market Minute for Friday, March 22nd.
With the exception of the Dow Jones Utility Average which rallied to a new all-time high, other U.S. stock indexes closed sharply lower with the major indexes closing at or near their low for the day. The NASDAQ Composite index experienced it’s largest daily range since January 4th. Bonds rallied strongly, trading at their highest level since January 2018 and resulting in the first inverted yield curve since 2007.
The Dow Jones Industrial Average closed down 460 points at 25,502.
The S&P 500 closed at 2,800, down 54 points.
The NASDAQ Composite closed at 7,644, down 194 points.
583 stocks closed up while 2,269 closed down. TRIN was 1.62.
E-mini S&P futures topped out at 2,851.75, had a low of 2,805.25 and closed at 2,810.75. E-mini Nasdaq futures hit a high of 7,513.75, a low of 7,353 and closed at 7,368.75.
T-bond futures were up nearly 2 points in late trading at 148-27.
The US Dollar index was up .29 late in the session at 96.64.
Gold and silver were split in late trading. Gold was up $5.80 at $1,313.10 while silver was down 5 cents at $15.43.
This week has been one of uncertainty for investors. The Fed delivered supposedly bullish news only to see the market reverse. The yield curve inverted for the first time since 2007, which many believe to be a strong signal for recession. For most investors, things aren’t adding up. This weekend, you can find clarity on these events and see where markets are most-likely headed next in our just posted Short Term Update.
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