Tuesday 18th November – Daily Stock Market review

GDAX

The GDAX closed up by only 22 points today, a far calmer session than we’ve seen in the past few weeks. The market made an intra day high of 4607, coming close to my trade level of 4611. The market closed at 4579. I think this flat trading session could be indicative of a rally tomorrow, we shall have to see how Wall Street performs. My trade levels for tomorrow are 4604, 4704 and 4804, all up. I have no trade levels for a fall.

Oil

Oil fell today. It made an intra day high of $53.04, but closed down at $51.76. No trades were triggered. It is now incredibly a third of the price it was from its summer high, a sign of how the global downturn has affected commodity prices. My trade levels for tomorrow are $52.74, $54.53 and $56.33 all up. I have no trade levels for a fall.

Dow Jones

The Dow began the day with early strength, rising as high as 8477, but then fell, triggering my trade at 8219. It then fell to 8152 and I moved my stop down to 8233. The Dow then reversed hitting this level giving me a loss of 33 points. I then went long at 8233, but the Dow dropped to 8105, just hitting my stop, giving me another loss of 125 points. The Dow then staged an impressive late day rally, finishing up at 8424. Despite some bad news for the markets, traders appeared to be scooping up stocks at perceived bargain levels. This could possibly signal a good rally for the next couple of days. My trade levels for tomorrow are 8358 down, and 8553 and 8747 up.