Market Report for Jun 11 2020

New Positions:
None

Trade Zones:
PAYC
WK

Market Trend:
Up

Market YTD:
Nasdaq Composite +11.7% YTD
S&P 500 -1.3% YTD
Dow Jones Industrial Average -5.4% YTD
Russell 2000 -12.1% YTD

Market Volume:
NYSE Vol: 1.2B
Nasdaq Vol: 5.1B

Comments:
Fed kept the rates unchanged which was widely expected. What was mentioned is the rates are likely to stay near zero at least until 2022.

TSLA stock jumped over $1000 as Musk said he wants to bring big-rig commercial truck to “volume production.”

Nasdaq powers on to another record close courtesy of the mega-caps while the rest of the markets struggled.

Volume levels are up and with the proximity of the resistance zones and as I mentioned already, be prepared for a bumpier ride. I have seen this many times. The sole purpose of this market is to move up with the least amount of investors onboard. That means tree shaking, consolidation or a reversal if necessary.

Lets go trade!