Market Report Mar 09 2021

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Market Report for Mar 09 2021

Be patient. If a trade is missed, wait for a correction to occur before putting the trade on.

Market Trend:
S&P 500 = Sideways
Nasdaq Composite = correction

Market YTD:
Russell 2000 +11.6% YTD
Dow Jones Industrial Average +3.9% YTD
S&P 500 +1.7% YTD
Nasdaq Composite -2.2% YTD

Market Volume:
NYSE Vol: 1.2 bln (A)
Nasdaq Vol: 5.9 bln (A)

New Swing Positions:
None

Comments:
Another negative day for Nasdaq Composite joined this time with the S&P 500 but once again, Dow Jones Industrial Average finding some good strength. No undercut of the Friday lows on the indices so all remains intact.

While the market continues to test traders, to deal with any emotions that may arise, place hard stops to eliminate exit indecisions.

Nasdaq is now in correction territory as it has declined 10%. A move down of 5-10% is not abnormal so ideally your trading plan should incorporate accepting and dealing with pullbacks of some sort.

For Level 3 traders, this is a buying period for you. We did some buying recently and will look to buy again, although we currently have nothing planned for purchase this week at present.

Let’s go trade!