MaR Oct 06 2020

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Market Report for Oct 06 2020

Trade what you see

Looking at price action and understanding price action is different.

Trade Zones:

Market Trend:

Market YTD:
Nasdaq Composite +26.3% YTD
S&P 500 +5.5% YTD
Dow Jones Industrial Average -1.4% YTD
Russell 2000 -5.2% YTD

Market Volume:
NYSE Vol: 849 mln
Nasdaq Vol: 3.5 bln

New Positions:

Portfolio % of Return:
Stocks: +626.41
FX & Comms: +2.25

PORT Oct 06 2020

As we do not want to trade breakout and yesterday was a bullish day, we should stand aside today.

The Futures bullish catalyst was very much the news of President Trump recovering and news of him leaving the hospital that day which the President later confirmed and that also partly helped the session finish stronger.

All the major averages are now above their 50-day line. We mentioned the DB pattern a couple of weekends ago and they are now getting closer to being confirmed.

We entered into PYPL yesterday which was a Level 3 trade.

Lets go trade!