Market Report for Oct 21 2020
How you deal with setbacks in your trading will determine how you deal with success in your trading. Losing trades should never be a dead-end for your journey.
Nasdaq Composite +28.4% YTD
S&P 500 +6.6% YTD
Dow Jones Industrial Average -0.8% YTD
Russell 2000 -3.0% YTD
NYSE Vol: 755 mln (B)
Nasdaq Vol: 3.2 bln (B)
Portfolio % of Return:
FX & Comms: +2.25
The S&P 500 gained almost as much as 1.5% during the session prior to the stimulus meeting but closed at 0.5%. The Dow Jones Industrial Average 0.5% and Nasdaq Composite 0.3%. While the market ended slightly higher, mainly based on stimulus anticipation, apparently no progress was made during the session to provide reasons for much higher levels.
Last weeks indecision candle is still valid and will remain that way until the high is broken. With that being the case, either wait for a further pullback or break of that high.
Other than there not being any new and good quality candidates today, we are standing aside mainly due to the proximity of price to last weeks high and the potential increase in volatility due to the elections. All previous positions remain in place.
Let’s go trade!