Market Analysis March 16th & 17th, 2021
NASDAQ started a bit high today, which was expected as mentioned in my previous post about the market but by the end of the day, it maintained the downward slope. Russel got the real hit of over 1.5%.
The overall outlook of the market was something like this
Sector-wise, the technology was the strongest followed by communication, and energy, finance, and industry got the real hit.
This is all rumored around the FOMC conference happening on Wednesday 17th of March, 2021. People are just unsure about the direction of the market and how well the government can lift up the economy during-vaccine era and post-vaccine era. There is a great chance of volatility in the market tomorrow and that should last about the whole day, and it all depends upon how well-spoken is the government in confirming people's doubts or assuring their profits.
US10Y Yields are also at resistance level, they seem to be needing a right push to break the resistance at 1.625 ready to climb up to 1.952, and if that happens, that would be a key factor in the market's downturn tomorrow.
TSLA also seems to maintain its a downward trend and it looks like it may go and hold the levels at $660 while $700+ remains the main resistance in its way up.
S&P seems to also follow the trend downwards towards 3930, and if it breaks that support level, it might fall further to 3870~ levels. However, the trend line also suggests a possibility of breaking the 4000 level resistance soon if not today.
So, be informed while you are trading the stock market. Its going to be a volatile day, and it all depends on the FOMC meeting today. I suggest Cryptocurrency would be a safe bet to trade today.
Trade Cryptocurrency
My suggestion by looking at overall market status and charts is, you should focus on cryptocurrency trading if you are a day trader, or buy the dips tomorrow in the stock market and make your gains. Do not buy the puts until the market defines itself.
Happy safe trading!
Please support this write-up to support the economy of Project-Hive. 20% of the earnings will go to Project-Hope for their trouble of promoting and running this great community! Join hands together and let's make this a great economy.
