Market Report for May 29 2020
Standing aside – reasons in the comment section
Nasdaq Composite +4.4% YTD
S&P 500 -6.2% YTD
Dow Jones Industrial Average -11.0% YTD
Russell 2000 -16.1% YTD
NYSE Vol: 1.0B
Nasdaq Vol: 4.0B
President Trump said he will hold a press event about China on Friday and that caused the uncertainty which saw stocks give up the intraday gains on Thursday. In addition, we have a few high impact news items due out today so watch out in case of a pullback.
On May 15 2020 we mentioned a DB on the S&P 500 could be in the making. Since then price confirmed the pattern and broke above the DVI. Price is still holding above DVI so the bias is bullish but a continuation pattern here would increase the confidence for a further move up so a pullback in the form of a retest or BuF would end up being positive for us. It would shake out the weak traders before continuing its journey.
For the above reasons, we will not be looking to add or enter any new positions today.
Enjoy the weekend TRC.
Lets go trade!