Market Report for Feb 24 2021
Russell 2000 +13.0% YTD
Nasdaq Composite +4.5% YTD
S&P 500 +3.3% YTD
Dow Jones Industrial Average +3.0% YTD
NYSE Vol: 1.3 bln (A)
Nasdaq Vol: 7.4 bln (A)
New Swing Positions:
The close on Tuesday was always going to be interesting due to the 50MA zone and as there had been quite a few days of selling. Opening weak while closing positive or at least back to where the price had opened was important. The S&P 500 and Dow Jones Industrial Average closed positive while Nasdaq Composite closed negative but around 3.5% off its session lows. All three indices closed above their 50MAs.
However, looking at the volume levels, they are quite low for what had happened over the session. This might indicate the sellers were not out in force which is why the turnaround or the selling has now started to dissipate. The 50MA zone will be an important indication of intent. Ideally, we would like to see price remain above the lows of yesterday but an undercut would spark selling towards the next support.
Swing stocks that have tagged our virtual TS will be investigated and managed today or tomorrow.
As of 5.30am GMT, Futures are bearish after a weak overnight session in Asia.
Let’s go trade!