Market Report for Aug 12 2020
Place the orders for intermediate growth trades when no one is looking. Don’t be scared just because others are.
Nasdaq Composite +20.2% YTD
S&P 500 +3.2% YTD
Dow Jones Industrial Average -3.0% YTD
Russell 2000 -5.6% YTD
NYSE Vol: 956 mln
Nasdaq Vol: 4.3 bln
The S&P 500 and Dow 30 broke their winning streaks as risk-on stocks failed to keep momentum through to session end with short term traders selling in the last hour.
It is time for S&P 500 to show its hand. A breakout and clearing the zone with some meaningful price action and take along the Dow 30 with it or fail and show us weakness is likely.
We are seeing some rotation in the markets as Nasdaq is awaiting the other two to catch up but while the tech index has done a good job of pushing up this market, it is time for the others to follow-through. Failure to do so means we continue to stand aside and wait for price to make its move.
While the other two indices make up their mind, Nasdaq might be eyeing up the 50ma. If so, this would be the first pullback to 50ma since April 22 2020.
Volatility is still low and price is suggesting tree shaking.
Lets go trade!