Market Report for Feb 04 2020

Video length: 2.41 mins

New Positions:
BURL

Trade Zones:
BAND
MHO
TER

Market Trend:
Up

Market YTD:
Nasdaq Composite +3.4% YTD
S&P 500 +0.6% YTD
Dow Jones Industrial Average -0.5% YTD
Russell 2000 -2.2% YTD

Market Volume:
NYSE Vol: 794M
Nasdaq Vol: 2.4B

Key U.S. News:
None

Comments:
The markets are showed signs of strength once again yesterday and while the trend was up, many traders were probably standing aside which is evident in the NYSE volume. Other traders like ourselves took advantage of the dip and bought into this market. If price breaks below the support then we need to re-evaluate this.

There is a chance price can just move into a consolidation period from here so we need to be resistance breakouts otherwise assume we are about to go sideways or perhaps further weakness is around the corner.

Lets go trade!