Market Report May 07 2021

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Market Report for May 07 2021

We zig when others zag.

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

Market YTD:
Russell 2000 +13.5% YTD
Dow Jones Industrial Average +12.9% YTD
S&P 500 +11.9% YTD
Nasdaq Composite +5.8% YTD

Market Volume:
NYSE Vol: 1 bln (Below)
Nasdaq Vol: 4.9 bln (Below)

New Swing Positions:
None

Comments:
The last hour saw strength across the majors allowing for a positive end to the market pre-NFP.

Buy the dip in tech seemed to be the theme but there is still a lack of real follow-through in tech.

PTON closed 1.4% higher and said it expects to lose about $165 mln in the recall. Our axe is nearby but still sealed in its box.

BTCUSD is still meandering around d50MA while ETHUSD printed a new ATH. However, yesterdays bar is an indecision candle so we should expect a pullback unless the high is overcut.

GBPUSD must be taking its lead from Bitcoin because this too is spending a lot of time with d50MA.

Today is NFP day. An expectation of a high number just short of a million new jobs is what seems to be the analyst expectation.

Happy prekend.

Let’s go trade!