Market Minute

January 18, 2019

Good afternoon Elliott wave fans. This is Dana Weeks with Market Minute.

The stock market had a huge up gap as the advance/decline ratio expanded to 5:1, and TRIN fell to 0.34, its lowest reading since December 26th, indicating three times as much volume in up stocks as down stocks. The market ploughed higher until the E-mini S&P was up 41 points and the NASDAQ futures were up over 100 points.

The Dow Jones Industrial Average closed at 24,706, up 336 points.

The S&P 500 closed at 2,670, up 34 points.

The NASDAQ Composite closed at 7,157, up 73 points.

2,135 stocks closed up while 753 closed down.

E-mini S&P futures topped out at 2,676.50, had a low of 2,647 and closed at 2,671.50. E-mini Nasdaq futures hit a high of 6,828.25, a low of 6,736.25 and closed at 6,792.75.

T-bond futures were down 19 tics at 144-14 in late trading.

The US Dollar index was up a fraction of a point late in the session, trading at 96.36.

Gold and silver saw their biggest closing declines since early November and mid-December, respectively. Gold was down $11.60 at $1280.70, while silver was down 18 cents at $15.36 in late trading.

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