NASDAQ (05/19/2020) - Sideways trading.

19 thg 5, 2020

FA
-Moderna announced positive data for Cov-19 Vaccine. However, the numbers are still small (just like Gilead). Still, their next phase will have 600 people involve in vaccine trial.
businessinsider.com/moderna-coronavirus-vaccine-releases-first-human-trial-results-2020-5
-Oil Price went higher to $30 levels in hope of the Economy Opening. Also Oil contract for June will be expired soon, expecting a volatile movement.
-FED had an overnight pump on Sunday Night with $500 billion worth. More details below.
newyorkfed.org/markets/domestic-market-operations/monetary-policy-implementation/treasury-securities/treasury-securities-operational-details
newyorkfed.org/markets/domestic-market-operations/monetary-policy-implementation/repo-reverse-repo-agreements/repurchase-agreement-operational-details
-Housing data will be released tomorrow. Expecting to be bullish.
-Treasury auction is also tomorrow which is another factor to be consider.
tradingeconomics.com/calendar
Bottom line: There is still a lot of uncertainty and hype about the rally. Most of the gain happened during Post market/ Pre-market. It is really hard to predict the market movement at the moment with a lot of speculative purchases, and the market is not a free place anymore but more like a political tool. As for now, market will probably go side way til the rest of this month (FED is effectively maintaining the market at a certain level - 2750-2960)
-Tech stocks are mostly come back to ATH (QQQ)

TA
-1st: Volume is extremely low during market hour.
-RSI and Squeeze are in neutral
-NDX is trading above all EMA: Very bullish.
-Market will trade side way (very difficult to trade unless having experience in this type of market).
-NDX is almost filled the gap at 9400. expecting a small correction and then a upward movement to fill the gap.
-Stay in cash is recommended.
Please let me know if I'm missing anything.

Good luck and thank you