MaR Apr 16 2020

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Market Report for Apr 16 2020

New Positions:
None

Trade Zones:
None-Standing aside

Market Trend:
Up

Market YTD:
Nasdaq Composite -6.5% YTD
S&P 500 -13..9% YTD
Dow Jones Industrial Average -17.6% YTD
Russell 2000 -29.1% YTD

Market Volume:
NYSE Vol: 1.1B
Nasdaq Vol: 3.3B

Key U.S. News:
Initial Claims
Continuing Claims
Housing Starts
Building Permits

Comments:
As we can see from yesterdays MaR Key U.S. News, there were a lot of high impact news items due out. Add that to the proximity of price to the resistance zone, one of two things were likely and price decided to road to retreat. What is significant is the volume levels on this move down were not high so this was not based on heavy selling.

The trend is still bullish but as I mentioned before, we are awaiting the break of resistance with good volume.

MAR Apr 16 2020

Lets go trade!