Thursday 20th November – Daily Stock Market review

GDAX

After falls in Wall Street, the GDAX fell from the open, and closed at 4220. The market came no where near triggering my trade levels. My trade levels for tomorrow are 4427, 4530 and 4632. The market is very far from these levels, so I don’t expect any trades to be triggered.

Oil

Oil mirrored global indices today and fell, closing at $47.97. As with the GDAX, Oil came no where near triggering any trades. My trade levels for tomorrow are $51.65, $52.61 and $53.58, but I don’t expect any to be triggered due to the steepness of today’s fall.

Dow Jones.

The Dow had a momentous day today. After a fall and then some strength which lifted to Dow to 8187, it fell hard, closing at 7552. This is important, the Dow hasn’t been this low since 2003, and has broken crucial support at 8000. This could potentially be the beginning of a huge sell off down towards 6000. There may be a reaction rally tomorrow, but the market is looking very weak at the moment. Whilst the US bail out plan is stumbling along in Washington, traders are getting nervy. My trade levels for tomorrow are 8111, 8334 and 8556.