For the most part, stand aside today in case of further selling or wait for the dust to settle from yesterday.
Nasdaq Composite +1.9% YTD
S&P 500 +0.4% YTD
Dow Jones Industrial Average unch YTD
Russell 2000 -1.5% YTD
NYSE Vol: 978M
Nasdaq Vol: 2.6B
Key U.S. News:
Futures started the Monday session off in a very fragile state but the day did not end much worse.
Doji for S&P 500 and Dow Jones Industrial Average w/ the Dow and Russell 2000 in proximity to 50MA.
This move is based on the fear of the coronavirus bus the fact is, it could have been anything. The markets wanted a rest.
Since the prior CAT 10, S&P 500 is up almost 9% without a break so this is normal, be it a little dramatic yesterday.
If we start to break below major supports, 50MAs and big range BrRPI bars start appearing, then we may have more of a concern. However, right now, wait and watch.
David’s Futures report will give us a little more guidance.
A bullish Futures and a sell-off in the session is more of a worry than bearish Futures and a Doji session.
Lets go trade!