Following yesterday’s sharp drop, both the Dow and S&P 500 continued to tumble today while Nasdaq futures rose nearly a full point.

Yesterday the Dow Jones Industrial Index saw its worst day since September 3rd and the S&P had its worst day in a month. Concerns over a surge in coronavirus infections as well as the unlikelihood of a stimulus agreement prior to next week’s US Presidential election sent equities lower in all 3 indexes.

While all 3 indexes dropped to early October price levels, notably the Nasdaq dropped the least. Today, while both Dow (YM) and S&P 500 (ES) futures closed in the red, Nasdaq futures (NQ) were green at the closing bell. News of tech giant AMD’s agreement to acquire its competitor, chipmaker Xilinx (XLNX), helped buoy the index.

Meanwhile, the CBOE volatility index (VIX), known as Wall Street’s “fear index,” is quietly creeping up to levels not seen in over a month.

The chart above, created 100% FREE using NinjaTrader, shows the last 6 months of price movement in Micro E-mini Nasdaq futures (MNQ). 50 and 200-day SMA lines have been added for further analysis, including the golden cross that occurred on June 2nd, 2020.

Announcements such as stimulus agreements and US presidential elections can cause unexpected fluctuations in financial markets and traders should take appropriate measures to protect risk capital.

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