Market Report for Mar 24 2021
S&P 500 = Up
Nasdaq Composite = Sideways
Russell 2000 +10.7% YTD
Dow Jones Industrial Average +5.9% YTD
S&P 500 +4.1% YTD
Nasdaq Composite +2.6% YTD
NYSE Vol: 1.1 bln (B)
Nasdaq Vol: 5,5 bln (B)
New Swing Positions:
Yesterday saw a bearish day across all the averages after the large-cap indices were unmoved up until the last 1.5 hours of the session.
The winning sectors were Utilities, Consumer Staples and Real Estate while Tech was the next on the list and the first of the negative sectors. That is an uncommon looking order for recent times.
We can attribute recent price behaviour to profit-taking or quarter-end rebalancing and as we are already positioned in this market, the lack of direction really forces us to stand aside and just wait for this to ride out or turn around as we are already positioned in this market.
Today we await Fed Chair Jerome Powell and Treasury Secretary Janet Yellen to testify to Senate from 2pm. So, expect noise to increase during this time and beyond.
Before that, at 8am the UK Core CPI data is out which will have a say in the GBPUSD data. Be prepared!
It will be another stand aside day while the market absorbs the news.
Let’s go trade!