D&D Note (6.17.2020) ~ Rally Fizzles With S&P 500 Closing At 200 Day Moving Average ~
Markets began the day under pressure trading down to sideways. Once FED Chair J. Powell began his testimony in front of congress we did see an uptick pushing markets just into the green.
The FED has been saying nothing new yet markets continue to trade up every time the FED reiterates their position.
Post Powell speaking markets drifted back down and the S&P 500 closed spot on the 200 day moving average of 3113.
DOW down -0.65%
S&P 500 down -0.36% (3113.49)
NASDAQ up 0.15%
VIX down -0.59% to 33.47
Oil down -1.80% to $37.69 a barrel.
Gold up 0.02% to $1737.00 an ounce.
The English Football Premier League season resumed today with games being played without fans in the stadium. Players names on the back of jerseys have all been replaced with Black Lives Matter. The opening whistle saw all players, coaches, and referees take a knee in support of the BLM movement.
Texas reported an 11% spike in hospitalizations for Covid-19 making it now eight new highs in less than a two week period.
Arizona yesterday reported a record high number of new Coronavirus cases.
Seemingly living on a different world the Vice President called the virus outbreak “overblown.”
Global Virus cases: 8.27 million+
Global Virus deaths: 445,993+
US Virus cases: 2.15 million+
US Virus deaths: 117,423+
~ Dave James / Principal Trader and Market Strategist