skip to page content

Turkey Crisis Rattles Stock Market

Jeremy Lutz - MarketClub

Loading the player...

Hello traders everywhere. Geopolitical events have a way of popping up when you least expect it. Case in point, we were looking and waiting for the U.S. stock market too high record highs with the S&P 500 within a whisker of hitting its record only to wake up this morning to a sharp down move on the Turkey news. That news has ended what looked to be the S&P 500's six straight weeks of gains, it's first such streak since November, with the S&P 500 currently floating between a weekly loss and gain. 

The DOW was down over 200 points in early trading and has backed off the lows a tad but now posting a weekly loss while the NASDAQ remains in a strong position to close out the week in positive territory.  

The Turkish lira tumbled to a record low against the dollar due to concerns over the country's economy and a deepening rift with the United States. President Trump doubled tariffs on aluminum and steel imports from Turkey, deepening the currency's losses and raising concerns that the crisis could weigh on other economies. In turn, that led U.S. investors to safe-haven assets, with the dollar rising to a 13-month high, up +1.3% for the week and U.S. bond yields slipping to a three-week low.

Gold continues to head lower for the week losing -.35% and maintaining its long-term downtrend with five straight weeks of losses. Even though crude oil is up today, +1.23%, it is posting its second straight week of losses with a -1.15% loss this week. 

After issuing a new red weekly Trade Triangle on Wednesday Bitcoin posted a gain on Thursday and is relatively unchanged today, but it will post a weekly loss of -7.9% after losing a little over -14% last week. 

Key Levels To Watch Next Week:
S&P 500 (CME:SP500): 2,796.34
Dow (INDEX:DJI): 24,988.31
NASDAQ (NASDAQ:COMP): 7,933.31
Gold (NYMEX:GC.Z18.E): 1,225.60
Crude Oil (NYMEX:CL.U18.E): 69.37
U.S. Dollar (NYBOT:DX.M18.E): 93.87
Bitcoin (CME:BRTI): 8,476.34

Back to videos

Get Started With Your 30-Day MarketClub Trial Right Now

Get Started

© Copyright MarketClub™ All rights reserved | User Agreement

U.S. Government Required Disclaimer—Commodity Futures Trading Commission
Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41—HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

All trades, patterns, charts, systems, etc., discussed in this advertisement and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author and do not necessarily reflect those of the publisher or INO.com. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the MarketClub™ methodology or system will generate profits or ensure freedom from losses. The testimonials and examples used herein are exceptional results, which do not apply to the average member, and are not intended to represent or guarantee that anyone will achieve the same or similar results. Each individual's success depends on his or her background, dedication, desire, and motivation.