Market Report for Apr 21 2021
S&P 500 = Up
Nasdaq Composite = Up
Russell 2000 +10.8% YTD
Dow Jones Industrial Average +10.5% YTD
S&P 500 +10.1% YTD
Nasdaq Composite +7.0% YTD
NYSE Vol: 878 mln (B)
Nasdaq Vol: 4.2 bln (B)
New Swing Positions:
We have been expecting a pullback on S&P 500 and Dow Jones Industrial Average and have now seen two negative days in a row. We discussed a possible C&H formation for Nasdaq Composite and that is currently what we are seeing. A breakdown of support layers will negate the chart pattern but at present, we have a shallow BuF within a C&H for this index.
NFLX is the largest competitor to traditional television and had its earnings yesterday after the close. They are projecting only 1 million new paid net additions for Q2 which has disappointed the market and saw the stock trading 10% lower after the close.
We will be adding to our GBPUSD trade and look to exit our EURJPY trade.
BTCUSD and ETHUSD are trading below their highs with the former trading just below the d50MA and the latter above the d50MA. According to some market analysts, the move down from its record price high last week could have been caused by a major power cut in China.
A continuation of patience and pruning is the order of the day.
Let’s go trade!