Market Report for Jun 04 2020
Nasdaq Composite +7.9% YTD
S&P 500 -3.3% YTD
Dow Jones Industrial Average -8.0% YTD
Russell 2000 -13.0% YTD
NYSE Vol: 1.1B
Nasdaq Vol: 4.6B
The S&P 500 extended its gains by 1.4%, Dow Jones by 2.1% and Russell 2000 by 2%. Nasdaq Composite struggled to keep pace with only a 0.8% gain.
Tech stocks are not down, they are just not moving up with as much momentum as before. Again, this is either the beginnings of a rotation or price is having a rest before it continues the journey up.
One thing to note is both NYSE and Nasdaq volume levels are increasing slightly so there is certainly more interest in this market now. That is exactly 40 trading days (2 months) after we indicated the market had turned bullish. These are the traders late and not wanting to miss out on the trends. Still not the dumb money though. They have yet to arrive. You will know when they come on board as that is when the markets start to pullback and shake them out.
ZM continues to make ATH and P2 has moved up 42% in the last week alone.
Lets go trade!