MaR May 21 2020

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Market Report for May 21 2020

MAR May 21 2020

New Positions:
None

Trade Zones:
Standing aside

Market Trend:
Up

Market YTD:
Nasdaq Composite +4.5% YTD
S&P 500 -8.0% YTD
Dow Jones Industrial Average -13.9% YTD
Russell 2000 -19.3% YTD

Market Volume:
NYSE Vol: 921M
Nasdaq Vol: 4.2B

Key U.S. News:
EIA Crude Oil Inventories

Comments:
The trend is up and we have a DB chart pattern but a strong resistance above for S&P 500. The proximity to DVI and 3000 RN and a  fairly momentumless bar yesterday, traders should be apprehensive of this level until we have a break or reversal. For this reason, it is safer to stand aside and wait until price makes a choice.

Lets go trade!