Market Report for May 07 2021
S&P 500 = Up
Nasdaq Composite = Up
Russell 2000 +13.5% YTD
Dow Jones Industrial Average +12.9% YTD
S&P 500 +11.9% YTD
Nasdaq Composite +5.8% YTD
NYSE Vol: 1 bln (Below)
Nasdaq Vol: 4.9 bln (Below)
New Swing Positions:
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.
Let’s go trade!