Stocks were mixed today.
News that China is buying U.S. soybeans helped stocks rally early on today. China has purchased 1.5 million metric tons of beans over the last 24 hours.
But after the positive start, the major indices were choppy and pulled back throughout the day.
In the end, the S&P was flat, the DOW was slightly higher, and the NASDAQ finished with a loss.
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Here’s where the major indices ended the day:
- The S&P finished flat. Down a half point, the S&P ended at 2,651.
- The DOW ended higher by 0.3%. Adding 70 points, the DOW closed at 24,597.
- The NASDAQ was down 0.4%. With a 28 point loss, the NASDAQ finished at 7,070.
- Bitcoin finished lower by 5.8%. Down $200, Bitcoin ended at $3,225.
Crude Oil (CL) opened lower then rallied. Up 3.0%, CL ended at $52.66 a barrel.
General Electric (GE) was a surprise mover today, leading the S&P 500 with a 7.3% gain after a JP Morgan upgrade.
Apple (AAPL) made headlines today after announcing the company will invest $1 billion in a campus in Austin, Texas. The corporate campus could add as many as 15,000 jobs. Apple finished the day with a 1.1% gain.
Traders are talking about a “death cross”. And no, a death cross is not a hard core metal band (or maybe it is?). In trader speak, a death cross occurs when the 50-day moving average crosses below the 200-day moving average. And on Friday, a death cross formed in the S&P.
This pattern has occurred just 47 times since 1928 and it is usually a bearish signal, with stocks performing worse than normal following the pattern. In recent trading, the last time a death cross occurred was in 2016 and the S&P was lower by 3.7% a month later.
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Source: RockwellTrading by Markus Heitkoetter | Original Link