Market Report for 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!