MaR Feb 29 2020

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Market Report for Mar 02 2020

New Positions:
None

Trade Zones:
Stand aside today and watch for bullish Futures and follow-through in the open session.

Market Trend:
Sideways

Market YTD:
Nasdaq Composite -10.5% YTD
S&P 500 -11.5% YTD
Dow Jones Industrial Average -12.4% YTD
Russell 2000 -12.7% YTD

Market Volume:
NYSE Vol: 2.46B
Nasdaq Vol: 5.25B

Key U.S. News:
ISM Manufacturing Index

Comments:
The market has taken a real battering with almost 4 Trillion Dollars wiped off the S&P 500 and what is now the fastest 10% decline from an ATH in history. Prices will often undershoot and overshoot the mark and judging by Fridays bar, it may have done so in relation to the DVI.

Coronavirus related fears remain in place, but stocks try to bounce with a BuRPI which is the first bullish bar in eight trading days. Volume levels continue to astound and VIX remains at lofty levels. This means if you are taking trades from these levels then they should be reduced in size due to excess volatility.

Gold has pullback to a cluster support zone (d50MA and Sept 2019 CAT).

We have two (AMD & WMS) positions open currently alongside Gold. There is no need to enter too early but if we see Futures up and the market finds strength, we can start to enter lightly as any bullish move unfolds.

MAR Mar 01 2020

 

Lets go trade!