Key Factors Contributing to the Sell-Off
Hello everyone! Today i want to share some technical analysis with you!
1.
The stock market took a hit today, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all experiencing losses. The main culprits behind this sell-off were geopolitical tensions and a strike by the U.S. port workers.
*Key Factors Contributing to the Sell-Off:*
-Geopolitical Tensions: Iran's missile attack on Israel sparked concerns, leading to a flight towards safer assets like the U.S. dollar, gold, and Treasuries.
-U.S. Port Strike: The strike on the East Coast affected shipping activity, retail, and industries reliant on imports from Europe, causing worries about goods inflation and supply chain disruptions.
-Weak Manufacturing Data: The ISM Manufacturing PMI reading of 47.2% indicated continued contraction in the manufacturing sector. $SPDR S&P 500 ETF Trust(SPY)$ , $Invesco QQQ(QQQ)$ , $DJIA(.DJI)$
A potential shark pattern developing on $Cboe Volatility Index(VIX)$ could indeed signal more volatility in the market.
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