Market Report for Jun 12 2020
Nasdaq Composite +5.8% YTD
S&P 500 -7.1% YTD
Dow Jones Industrial Average -12.0% YTD
Russell 2000 -18.7% YTD
NYSE Vol: 1.3B
Nasdaq Vol: 5.2B
We knew it was coming. We spoke about it days before. We catered for it beforehand. We watched the panic.
The S&P 500 opened the session 2.1% down and dropped almost 6% by session end. The pullback is about normal but what is not is the move was accomplished in just that one bar. VIX is now at 40 so fear increased but that’s no revelation when you have a big move down in one session.
After the markets dramatic bearish statement yesterday, we need to clarify this is a pullback and not a reversal. This is done by watching the key levels of support. Until the breach of those levels, stand aside. The 50MA are the support zones so watch for breaks of these levels in additions to actual supports.
Have a good weekend and see you on Sunday’s MaR webinar.
Lets go trade!