- The S&P 500 sold off 0.28% and it continues to have a strongly bearish intermediate posture; just 38% of stocks closed in the green
- The S&P 500 gapped up to start the day with some enthusiasm sending Nvidia to all-time highs, but the rally was short-lived and sellers took over in the afternoon
- All four major U.S. equity indices have strongly bearish intermediate postures, according to the Market Forecast indicator
- The Dow Jones Industrial Average (-0.51%) is trading below its rising 30 day moving average (all others are trading below their falling 30 DMAs)
- The NASDAQ Composite was up 0.06% today and the Russell 2000 was down 0.28%
- The damage within the SPX has been contained to less than a 5% pullback since July; in 2011 when the U.S. was downgraded, the markets fell more than that in a single day
- The 10 Year Treasury Yield fell to 4.32%, but remains basically at highs not seen since 2007; it continues to have as strongly bullish posture
- All major bond categories rallied, with the U.S. Long Term Government Bonds (+0.77%) bouncing the most, but they all still have strongly bearish postures
- Preferred stocks rallied by only 0.03%; they just had two days of oversold clusters and are trading well below their falling 30 day moving average
- The U.S. Dollar rallied 0.35% and is at multi-month highs; it continues to have a strongly bullish posture
- Gold rallied 0.16% while oil fell 0.41%; both have bearish postures but oil is above its rising 30 day moving average
- Foreign stocks sold off today; Developed foreign (strongly bearish) fell 0.19% and Emerging Markets (strongly bearish) fell 0.21%
- Bitcoin is clinging to $26,000 and has a strongly bearish posture, while trading below its falling 30 day moving average
- Energy remains atop the Sector Selector; Financials had an aggressive move lower by four ranking positions
- Health Care (-0.35%) and Energy (-0.77%) are the only sectors with weakly bearish postures; all the rest are strongly bearish
- Financials have been down seven trading sessions in a row and were today’s worst performers (-0.94%)
- The interest-rate sensitive areas of Real Estate and Utilities had tiny bounces today, but have been among the worst sectors of the last month
- Our trade application example was selling a bull put spread on Vertex (VRTX) due to its bullish Near-Term posture and its ability to cling to the 30 day moving average at a time when many other stocks are cascading lower
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
08/22/23 - Watch the full #MarketOutlook video from@MarketScholars here:https://t.co/JFAWKaCiNB$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TLT $TNX $UUP $EEM $EFA $USO $GLD $BTC $PFF $NVDA $META $MSFT $AAPL $AMZN $TSLA $GOOG $LLY $NKE $SCHW $PEP $DKS $LOW $M $MAR $MA $V $VRTX pic.twitter.com/yM8kth5qkz
— Brandon Van Zee (@BrandonVanZee) August 23, 2023
You must be logged in to post a comment.