- The S&P 500 broke its 4-day win streak and closed lower by 0.16%; just 35% of its components closed in the green
- The S&P 500 and NASDAQ Composite have strongly bullish postures are are above their falling 30 day moving averages
- The Dow Jones Industrial Average and Russell 2000 have weakly bullish postures and are below their falling 30 day moving averages
- The NASDAQ Composite was up 0.11%, the Dow Jones Industrial Average was down 0.48%, and the Russell 2000 was down 0.19%
- Bonds closed the month of August mostly higher; Foreign markets (especially China and Brazil) struggled
- Value continues to lead on the Factor Selector; Low Size has now dropped to the bottom
- Bitcoin fell 4% and has now round-tripped the big move from Tuesday; it remains with a strongly bearish posture
- The 10 Year Treasury Yield fell to 4.09%; it has a weakly bearish posture and is sitting right on its rising 30 day moving average
- Long Term Treasuries rallied 0.45%; it has a weakly bullish posture, while Foreign and Junk Bonds have strongly bullish postures
- The U.S. Dollar (strongly bullish posture) bounced back by 0.49% after a 3-day sell-off; it continues to trade above its rising 30 day moving average
- Gold (weakly bullish) fell by 0.17%, but oil (strongly bullish) continued to impress with another 2% advance
- Foreign stocks sold off more aggressively than U.S. stocks; Emerging markets were down 1.24% after hitting resistance near the 30 day moving average
- Preferred stocks (weakly bullish) had a really solid 0.74% advance up-and-through the falling 30 day moving average
- Health Care, Utilities, and Staples were the day’s worst performing sectors; they are also the only ones with strongly bearish postures
- The growth sectors of Technology, Discretionary, and Communications were the day’s best sectors
- Both Energy and Communications are above their rising 30 day moving averages and have strongly bullish postures
- Our trade application example featured a short sale swing trade on Starbucks (SBUX) due to the rejection of its recent counter-trend advance at the downward-sloping 30 day moving average; it also had a slight Bearish Near-Term Divergence signal
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
08/31/23 - Watch the full #MarketOutlook video from @MarketScholars here:https://t.co/HmqNP4MmoJ$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TLT $TNX $UUP $EEM $EFA $USO $GLD $BTC $NVDA $META $MSFT $AAPL $TSLA $GOOGL $AMZN $PFF $AVGO $BABA $FXI $EWZ $LLY $UNH $KRE $BRK.B $SBUX pic.twitter.com/6aqPItvrZY
— Brandon Van Zee (@BrandonVanZee) September 1, 2023
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