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Market Set For Second Losing Month Of The Year

Jeremy Lutz - MarketClub

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Hello traders everywhere. What a wild month! A trade war, a yield inversion curve and a rate cut by the Fed have led to an extremely volatile month, and while we will finish the last week of August in the green with weekly gains, overall we will finish the month of August in the red, the second losing month of the year. The S&P 500, DOW and NASDAQ will all lose over -1.5% with the NASDAQ leading at a -2.7% loss for the month. 

Crude oil and Bitcoin joined in on the losing party by losing -5.4% and -4.9% respectfully on the month. The Dollar Index checks in with a slight gain of +.03% or unchanged for the month as it has found resistance at the $98 level. And that leaves us with the one bright spot, gold, which had a gain of +7.8% on the month trading above $1,550 at one point for the first time in a LONG time. Can gold's move higher continue? Is it a sign of things to come? 

Key Levels To Next Week:
S&P 500 (CME:SP500): 2,943.31
Dow (INDEX:DJI): 25,339.60
NASDAQ (NASDAQ:COMP): 8,065.24
U.S. Dollar (ICE:DX): 97.44
Gold (NYMEX_GC.Q19): 1,552.60
Crude Oil (NYMEX:CL.N19): 52.96
Bitcoin (BITCOIN:BITSTAMPUSD): 11,589.73

 


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