Market Report Apr 04 2021

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Market Report for Apr 04 2021

 

Market Trend:
S&P 500 = Up
Nasdaq Composite = Sideways

Market YTD:
Russell 2000 +14.1% YTD
Dow Jones Industrial Average +8.3% YTD
S&P 500 +7.0% YTD
Nasdaq Composite +4.6% YTD

Market Volume:
NYSE Vol: 862 mln (B)
Nasdaq Vol: 4.5 bln (B)

New Swing Positions:
None

Comments:
For the first time, the S&P 500 gets above the 4000 mark with a 1.18% gain. However, the Nasdaq Composite was still the biggest mover of the day with a 1.75% gain while the Dow Jones Industrial Average gained 0.52%.

On last weeks webinar, we mentioned Tech as showing signs of strength and that has certainly been the case this week. Nasdaq Composite is just above the 50MA now and about 8% above the low from a month ago when many traders would have no doubt been in a state of panic. We are not out of the woods yet and still have more room for improvement. A close of 13621 is now needed for further confirmation of a continuation.

Points mentioned on todays webinar:

  • EV space is heating up. VW expect to outsell Tesla by 2025. Top Gear think all car manufacturers are at least 7-8 years from reaching Telsa’s capabilities.
  • Watch for a retreat on the S&P 500. This was due to the repeated selling in the last hour of the recent sessions.
  • PINS are looking to buy VSCO photo app.
  • GOOGL will be re-opening their offices on Sept 1 2021 but from May anyone is free to work from the office should they wish to.
  • Tech is offering a glimmer of strength once again.

Let’s go trade!