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Sizing Up the S&P 500
- S&P 500 trying to hold 7/12 closing price.
- Momentum weakens as 10-day MA falls but longer-term uptrend remains.
- Bearish outside days on 7/27 and 8/4
- Potential resistance at 4528
- Dip buyers may wait for 50-day MA into Labor Day.
Sector Watch
- Energy leading this quarter as crude oil climbs to 10-month high.
- Oil-field services, refiners, coal miners
- Technology lagging this quarter
- Small caps, DJIA leading, Nasdaq lagging
- Healthcare / pharma jump on LLY, AMGN results
Key News
- Platts survey: OPEC+ production at 2-year low after most recent Saudi cuts.
- San Francisco Fed: Shelter inflation could go negative in 2024
- Recession debate:
- JPMorgan no longer expects recession
- Jefferies says recession is “almost inevitable.”
- Fedspeak:
- Michelle Bowman: “Additional rate increases will likely be needed.”
- John Williams: “Need to keep a restrictive stance for some time.”
- Patrick Harker: “We may be at the point where we can be patient and hold rates steady.”
Mover of the Week: Penn National
- Earnings, revenue beat on 8/9
- Forms sports-betting partnership with ESPN
- Parts with Dave Portnoy & Barstool Sports
- Potential transformation story
Upcoming Events
- Friday (8/10): PPI, consumer sentiment
- Tuesday (8/15): Retail sales, NAHB housing index
- Earnings: HD
- Wednesday (8/16): Oil inventories, Housing starts/permits, Fed minutes
- Earnings: TGT, CSCO
- Thursday (8/17): Jobless claims
- Earnings: WMT, AMAT
Security futures are not suitable for all investors. To obtain a copy of the security futures risk disclosure statement Investment and Trading Disclosures Booklet – Futures.
Security futures are not suitable for all investors. To obtain a copy of the security futures risk disclosure statement Investment and Trading Disclosures Booklet – Futures.
Exchange Traded Funds (“ETFs”) are subject to management fees and other expenses. Before making investment decisions, investors should carefully read information found in the prospectus or summary prospectus, if available, including investment objectives, risks, charges, and expenses. Click here to find the prospectus.
Options trading is not suitable for all investors. Your TradeStation Securities’ account application to trade options will be considered and approved or disapproved based on all relevant factors, including your trading experience. See Characteristics and Risks of Standardized Options.
