Market Report for May 20 2021
S&P 500 = Up
Nasdaq Composite = Sideways
Russell 2000 +11.1% YTD
Dow Jones Industrial Average +10.8% YTD
S&P 500 +9.6% YTD
Nasdaq Composite +3.2% YTD
NYSE Vol: 987 mln (Below)
Nasdaq Vol: 4.3 bln (Below)
New Swing Positions:
A flat day for the Nasdaq Composite but bearish for S&P 500 and Dow Jones Industrial Average. Nasdaq 100 managed to end positive by 0.15%.
Tech was the main driver followed by Comms. Been a while since that has been said but last year was said many a time.
FB bouncing from 50MA zone as DBX and DQ managed to climb just above that 50-day level.
The main story was really in the crypto space where BTCUSD had a 30% drop from the high to the low of the day and closing in proximity to the DVI. The w50MA may well have provided additional support. Price could be forming a DB pattern but a close above DVI would be the first requirement to establish if that was to be the case.
In the case of ETHUSD, price also settled near its DVI but the monthly candle does not look appealing. Hopefully, that look will change within the next 10 days.
GBPUSD found weakness off the back of DXY support I mentioned. Exited 2 positions in GBPUSD with profit but have one position remaining that is negative.
Let’s go trade!