Market Report for Aug 14 2020
Anne and I have not spent more than 10,000 hours just so that we can try and be lucky in trading. To really get a feel for the market, you have to work hard. You have to be involved in the market. Unless you are immersed and trading the market, you really won’t know what is happening in the market fro the sidelines.
Stand aside and enjoy the weekend
Nasdaq Composite +23.1% YTD
S&P 500 +4.4% YTD
Dow Jones Industrial Average -2.3% YTD
Russell 2000 -5.3% YTD
NYSE Vol: 719 mln
Nasdaq Vol: 3.4 bln
It was an almost day for the market. The S&P 500 almost closed above its ATH after having reached there intra0day. At the end, the index declined 0.2% and Dow Jones Industrial Average declined 0.3%. Nasdaq was up almost 0.3%.
It is likely we will see new highs from here on the S&P 500 as the behaviours it is displaying is that of momentum gathering and one we have seen before. If that can be sustained is a question we can only ask once identifying how the breakout was. A little bar range indication weak bullish momentum or a big indecision candle as or near the ATH would not provide us with faith the S&P 500 has legs to continue the journey.
That said, it is not the S&P 500 that is driving this market, it is the large-cap stocks in Nasdaq that is still the driving force.
Gold was triggered yesterday above the prior day high @1951.00 and DG was triggered at the breakout of the range.
Have a good weekend.
Lets go trade!