Market Report for May 18 2020
Video length: 45 mins
LLY: Forming a base
MSFT: C&H/BuF suggesting strength to follow
NFLX: Making new ATH
ZM: Closing in on the ATH created in April
Nasdaq Composite +0.5% YTD
S&P 500 -11.4% YTD
Dow Jones Industrial Average -17.0% YTD
Russell 2000 -24.7% YTD
NYSE Vol: 1.4B
Nasdaq Vol: 4.2B
Stocks recouped losses from the start of the session to push the indices up into positive figures for the end of the session. Notice the slightly larger than recent volume levels which portray the buyers taking over from the sellers intra-day.
Nasdaq Composite turned positive for the year so far while Dow 30 and Russell 2000 are the biggest laggards. S&P 500 still has over 11% remaining to turn positive.
The S&P 500 is either forming a DB or in consolidation. We can look to buy in this market when set ups arise.
Lets go trade!