(DAILY NOTION): Wall Street Closes Lower, Have the Bulls Lost Control? Next Mover: Fed's Beige Book Release, Nonfarm Payrolls

NASDAQ 100 (as of Mar 3, 2021 at 12.15 p.m.)

Source: Yahoo Finance

SPX 500 (as of Mar 3, 2021 at 12.15 p.m.)

Source: Yahoo Finance

US30 (as of Mar 3, 2021 at 12.15 p.m.)

Source: Yahoo Finance

Wall Street experienced as lacklustre closing as the NAS100 dipped 1.69%, the SPX500 lost 0.81%, and the US30 dropped 0.46%. These losses were mainly attributed to the Technology, Consumer Goods, and Services sectors. Meanwhile, the CBOE Volatility Index increased by 3.21%.

The SPX500 closed below its 10-day and 50-day Simple Moving Averages (SMA), which is indicated by the blue and purple lines, respectively. The Moving Average Convergence Divergence (MACD) also reflected a bearish trend. Similarly, the NAS100 also closed below its 10-day and 50-day SMA and its Relative Strength Index (RSI) closed at 23, in the oversold territory. Likewise, the US30 also ended the day below its 10-day and 50-day SMA, with the MACD indicating a bearish trend.

Over in the broader market, traders would most likely be picking up cues from the U.S. Federal Reserve (Fed) Beige Book later today, as well as results from the nonfarm payrolls at the end of the week.

Meanwhile, risk-on sentiment received a boost upon President Biden’s announcement that there will be sufficient vaccine for every American aged 18 years and above by the end of May, which is two months ahead of plan. This followed news that the U.S. Food and Drug Administration (FDA) has authorised the use of the Johnson and Johnson vaccine.

As the week approaches the mid-week mark, how would the rest of the week look like on Wall Street? Will the bulls regain enough strength to overcome this slump, or is this a prelude for the bears’ entrance? Let’s keep our eyes on Wall Street.

FOLLOWME User Sentiment (as of Mar 3, 2021 at 12.25 p.m.)

SPX500

Short – 74.58%

Long – 25.42%

NAS100

Short – 66.10%                

Long – 33.90%

US30

Short – 73.73%

Long – 26.27%