Market Report May 18 2021

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Market Report for May 18 2021

It's cheaper to learn from the experience of others.

 

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

Market YTD:
Russell 2000 +12.8% YTD
Dow Jones Industrial Average +12.2% YTD
S&P 500 +10.8% YTD
Nasdaq Composite +3.8% YTD

Market Volume:
NYSE Vol: 880 mln (Below)
Nasdaq Vol: 3.8 bln (Below)

New Swing Positions:
None

Comments:
Although a negative day across the board, the markets closed around where they actually opened for the day. We were wanting a follow-through from Friday but we were expecting a bearish day.

Utilities, Comms and Tech were the weakest while Energy was the strongest sector on Monday’s session.

It is worth noting the bearish day was accompanied by fairly low volume so this indicates more of a standing aside than selling situation from the big dogs.

BTCUSD and ETHUSD as well as many others endured a bearish day too.

As mentioned in Positions, we added to GBPUSD yesterday morning which found some strength during the session and overnight too. We will look to add to the position from here if the momentum does not subside.

And California’s Department of Motor Vehicles is reviewing whether Tesla is violating a state regulation by advertising its vehicles as being fully autonomous without meeting the legal definition of self-driving.

Let’s go trade!