Market Report for Aug 19 2021
S&P 500 = Up
Nasdaq Composite = Up
S&P 500 +17.2% YTD
Dow Jones Industrial Average +14.2% YTD
Nasdaq Composite +12.7% YTD
Russell 2000 +9.3% YTD
NYSE Vol: 798.6 mln (Below)
Nasdaq Vol: 3.8 bln (Below)
New Swing Positions:
Two weeks ago on the weekly webinar, we asked the question, where are the bears? Well, we can now see them.
Another choppy day on the markets that saw a bearish second half of the session. We might now see price retest 50MAs.
A point that has been mentioned a few times but one that is important to note is the volume levels. They are still low and we know why they are low, the time of year. Now if those levels start to increase and price continues to fall, especially beyond the 50MAs, then we should be somewhat more concerned. Until then, what we are seeing is bears begin to come out while the bulls are away.
GBPUSD has not provided any evidence of a change of trend and the July low/w50MA might be the next stop.
We continue to watch from the sidelines.
Let’s go trade!