Market Report Aug 20 2021

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Market Report for Aug 20 2021

In an uptrend, let the foundation form then buy from the base.

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

Market YTD:
S&P 500 +17.3% YTD
Dow Jones Industrial Average +14.0% YTD
Nasdaq Composite +12.8% YTD
Russell 2000 +8.0% YTD

Market Volume:
NYSE Vol: 918.2 mln (Above)
Nasdaq Vol: 4.1 bln (Below)

New Swing Positions:
GBPUSD long @1.3700

The S&P 500 and Dow Jones Industrial Average are displaying BuF formation at or near 50MA and while Nasdaq Composite is also at the 50MAZ, it is more of a mini consolidation.

So what does this mean? So far, up until now, it means tree shaking. The market has been a historically seasonal low volume cycle. This is why we have recommended not trading this market.

NFLX was up over 4% and a BuRPI yesterday and MSFT, as well as REGN, made a new ATH. DBX is now as 50MAZ.

GBPUSD and EURUSD were weak on yesterday’s session. GBPUSD is at the w50MA and EURUSD forms a possible start of a DB on the weekly but this is very much new and so unconfirmed.

As it is Friday, there is not much to do other than enjoy the extended weekend.

Let’s go trade!