Market Report Mar 30 2022

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Market Report for Mar 30 2022

S&P 500 and Nasdaq breaking resistance

Market Trend:
S&P 500 = Bu
Nasdaq Composite = Mixed

Stock Market %:
DJIA: +0.97
Nasdaq Composite: +1.84
S&P 500: +1.23
UK FTSE 100: +0.86

Market Volume:
NYSE Vol: 1.o bln (Below)
Nasdaq Vol: 5.9 bln (Above)

Yields:
2-yr: +1 bp to 2.35%
3-yr: -3 bps to 2.54%
5-yr: -8 bps to 2.49%
10-yr: -8 bps to 2.40%
30-yr: -5 bps to 2.52%

Comments:
Another bullish day sees the S&P 500 less than 3.5% from its highs and the Nasdaq Composite now less than 9% from its highs. Only a month ago the S&P had reached correction territory and Nasdaq had reached bear territory and now both are breaking out of January resistance levels. Nasdaq still has to contend with its 200-day line.

While we should always factor in the possibility of the lows retesting, the last two weeks webinars have shown us the upside potential growing. This is why we exited our Nasdaq short and added to our long position.

All sectors except Energy has positive net change.

While our SPCE position is still negative, it was Tuesday’s biggest gainer and outperformed all our other stocks by at least 3%.

We should now go on the expectation of less momentum as we approach NFP.

Let’s go trade!