Market Report for Feb 26 2021
Russell 2000 +11.4% YTD
Nasdaq Composite +1.8% YTD
S&P 500 +2.0% YTD
Dow Jones Industrial Average +2.6% YTD
NYSE Vol: 1.2 bln (A)
Nasdaq Vol: 6.3 bln (A)
New Swing Positions:
A volatile session on Thursday took stocks back down to where they were on Tuesday. Once again, if we undercut the lows of February 23, we should expect further weakness. However, at present, we are at 50MA zone with S&P 500 less than 4% off its highs and Nasdaq Composite 7.5% off its highs.
Still in the BuF 2-11 bars and a pullback of 5-10% is not unusual.
Not to say the market won’t go down further but we are still in the realms of normal pullbacks. We have seen this on at least two occasions last year after the March lows and while at that time the news was different, the situation was the same.
We will make our decisions on how to treat this market on the weekend when they are closed so there is no external influence.
While writing this post, our last positions in GBPUSD was stopped out with a profit. The only position remaining is NZDUSD which was filled yesterday and currently about 50 pips negative.
As of 5am GMT, futures are negative.
Let’s go trade!