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D&D Note

D&D Note (5.18.2020) ~ Hope Sparks Rally Though Still In Trading Range ~ #StockMarket #HopeRally #TradingRange

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D&D Note (5.18.2020) ~ Hope Sparks Rally Though Still In Trading Range ~

Moderna positive preliminary vaccine news, continued reopening of economies, and the FED reminding markets they are not out of bullets created the needed optimism to fuel another Hope Rally.

Although we are still in the bullish trading range and have not been able to break out to confirm the bull market. 2998 is roughly the 200 day moving average and if we can break out and hold above that level it would help confirm the recent rally.

If we pull back after trying to test the 200 day moving average we remain in this current bullish trading range. If we fall through 2792 then the trap door could open to fall much lower back into Bear Market.

Markets gapped up to open and held a steady rally throughout the day but did close off the highs of the day in the final 10 minutes of trading.

DOW up 3.85%

S&P 500 up 3.15% (2953.91)

NASDAQ up 2.44%

VIX down -8.12% to 29.30

Oil up 10.47% to $32.51 a barrel.

United Airlines gained 20% today on vaccine hopes. Premature? Most likely. Even the Moderna vaccine wouldn’t be ready for another year.

Uber announced they are going to be cutting another 3,000 jobs. This after less than two weeks ago the company announced an initial 3,700 job cuts.

In a staggering report it was found that in April nearly half the US population was jobless with only 51.4% of population being employed.

New York Gov. Andrew Cuomo has asked major league sports to open their seasons without fans in the stadium.

New York City is targeting mid-June to begin to reopening said NYC Mayor Bill de Blasio.

Global Virus cases: 4.7 million+

Global Virus deaths: 316,277+

US Virus cases: 1.4 million+

US Virus deaths: 89,666+

 

~ Dave James / Principal Trader and Market Strategist

About ddinvestments

Trading Partner for D&D Investments

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