Market Report May 06 2021

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Market Report for May 06 2021

Emotions are not facts.

Market Trend:
S&P 500 = Up
Nasdaq Composite = Up

Market YTD:
Russell 2000 +13.5% YTD
Dow Jones Industrial Average +11.8% YTD
S&P 500 +11.0% YTD
Nasdaq Composite +5.4% YTD

Market Volume:
NYSE Vol: 928 mln (Below)
Nasdaq Vol: 4.5 bln (Below)

New Swing Positions:
None

Comments:
The Dow Jones Industrial Average managed to close at a record high with a 0.3% gain on Wednesday’s session. The S&P 500 managed a 0.07% gain while the Nasdaq Composite closed at -0.37% loss.

It seemed Tech stocks were unable to maintain the early in session buy the dips efforts probably caused by concerns of an increase in inflation.

PTON plunged 14% on two separate recalls for the treadmills while LLY managed to close back above its d50MA. CROX manages to breakout of the squeeze at 100 to new ATHs.

ETHUSD printed a new ATH while BTCUSD continues to congregate around the d50MA.

GBPUSD had another day of doing nothing and is also in close proximity to the d50MA.

At first glance, there seems little in the way of opportunities again but we will have a better idea once Anne goes through the candidates.

Let’s go trade!