Market Report for Apr 22 2021
S&P 500 = Up
Nasdaq Composite = Up
Russell 2000 +13.4% YTD
Dow Jones Industrial Average +11.5% YTD
S&P 500 +11.1% YTD
Nasdaq Composite +8.2% YTD
NYSE Vol: 826 mln (Below)
Nasdaq Vol: 3.9 bln (Below)
New Swing Positions:
Green across the board for the major averages led by Nasdaq Composite. For the sectors, Utilities was the only laggard.
We referred to the Nasdaq Composite forming a C&H recently and this is more looking to be the case now. Support is at the d50MA which we do not want price to go too much beyond and confirmation will be the breakout into ATH.
We added to GBPUSD yesterday morning and now waiting to see what price does. EURJPY is still doing nothing of interest and it looks like the axe will need to come out for this cross.
ETHUSD had a slightly better day than BTCUSD on Wednesday and in the direction to test ATHs.
We should not get too carried away with the bullish momentum from yesterday but we can consider it the beginnings of a foundation.
Let’s go trade!