March 11, 2021, 9:43 pm EST
Low Volume Rebound
All indexes scored positive today with Nasdaq the largest +2.5% gains as a rebound. However, the volume was much weaker than the drop as shown.
The primary reason is the $1.9 trillion stimulus plan and coming payments of $1400 to many individuals. Thus, it is important to ask what is the next drama.
Since both Dow and S&P made a record high, we have to keep bullish bias. However, it is suspicious because of the lack of committed volume. We could watch Nasdaq as the leading indicators for the next few sessions.
Currently, Nasdaq receives death-cross on the 20 and 50 day-moving-average (DMA) line. Nasdaq also needs to stand above 50 DMA for bullish bias in the medium term.
