Market Report for Feb 25 2020

Video length: 3.46 mins

New Positions:
None

Trade Zones:
CDLX
HNGR
RH
ROK

Market Trend:
Up

Market YTD:
Nasdaq Composite +2.8% YTD
S&P 500 -0.2% YTD
Dow Jones Industrial Average -2.0% YTD
Russell 2000 -2.4% YTD

Market Volume:
NYSE Vol: 1.2B
Nasdaq Vol: 3.1B

Key U.S. News:
Consumer Confidence

Comments:
Markets drop more than 3% as coronavirus cases surge outside China, including South Korea, Italy, and Iran.

Yesterday’s drop, the biggest in 2 years was swift but the market remains bullish due to support @3214. A break below the lows of yesterday then expect further weakness immediately. A failure at 50MA and we move into consolidation or further weakness. We will reduce our position sizing for any new trades for this week at least.

At present we should not be alarmed with price action. This is fear-driven and if price stabilizes, we will have good buying opportunities in these pullbacks.

 

Lets go trade!