- The S&P 500 fell by 0.77%, just 26% of its components closed in the green
- The S&P 500 is now down 10 out of the last 13 sessions
- The only stock within the Magnificent 7 that is higher over the past month is GOOG; TSLA has lost a quarter of its value over that time period
- Utilities are now down over 10% on the year
- The 10-Year Treasury yield had its highest closing price since 2007 (4.30%)
- Gold, Long-Term Treasuries, and Emerging Markets all closed with oversold cluster signals
- Bitcoin was in a free-fall today; it is down over 3,000 this week and is currently trading near $26,000
- All four major equity indices continue to have a bearish intermediate posture (the Dow Jones Industrial posture is weakly bearish)
- All four major U.S. equity indices are trading below their 30 day moving averages
- The NASDAQ Composite (-1.17%) was the day’s worst performer; it closed with its second straight oversold cluster signal
- The Dow Jones Industrial Average was down 0.84% and the Russell 2000 was down 1.15%
- For additional content, I’d invite our Premium Market Scholars to watch my 3 1/2 hour long Q&A Session from earlier today: https://www.marketscholars.com/event/brandons-weekly-qa-session-283/
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
08/17/23 - Watch the #MarketOutlook video from @MarketScholars here:https://t.co/43XWUOEGoJ
— Brandon Van Zee (@BrandonVanZee) August 17, 2023
Stocks mentioned: $SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $NVDA $META $MSFT $AAPL $AMZN $TSLA $GOOGL $AMGN $LLY $GLD $BTC $TNX $TLT $UUP $CSCO $CAH $CI $CVS $ABBV $JNJ $KVUE $HYG $PFF
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