Downloads are available here. TradeStation’s ideas on TradingView are available here.
Register for Market Trends here.
Sizing Up the S&P 500
- S&P 500 holds 4450 area
- Near June peak and August 15 breakdown level
- Holds 50% retracement of 8/25 – 9/1 rally
- Potential resistance at 4528 (bottom of July 27 outside candle)
- Earnings estimates rising on S&P 500 for first time in 2 years: FactSet
- MACD rising
- S&P 500 members above 20-day MA now exceed number above 50-day MA
Sector Watch
- Energy top performing sector in the past month
- Technology has also outperformed. All other sectors have lagged the S&P 500
- Cannabis stocks rally as the Department of Health and Human Services (HHS) looks to ease restrictions.
- Consumer staples and traditional media lag.
- Risk of bearish window dressing into yearend?
- New York Times (NYT) bucks the weak trend
Key News
- Oil jumps to 2023 high after OPEC+ extends cuts
- Airlines warn fuel costs may hurt profits: CNBC
- Cleveland Fed “Nowcast” sees August CPI +0.8%, September +0.4%
- ISM services surprise to upside as price gains accelerate
- Roku (ROKU) rallies on cost cuts after jumping on strong results
- Fedspeak: Waller (voter) & Collins (non-voter) “careful/cautious” but open to more hikes.
- S&P: U.S. corporates getting more efficient by cutting expenses
- Morgan Stanley: Healthcare spending on AI/machine learning to rise 10.5% in 2023 vs 5.5% in 2022.
- Reuters: Growing pessimism toward consumers as savings deplete
Mover of the Week: Dell Technologies
- Earnings, revenue beat estimates on 8/31
- AI “long-term tailwind,” according to CEO COO Jeff Clarke
- DELL +75% YTD
Upcoming Events
- Monday (9/11): Oracle (ORCL) earnings
- Tuesday (9/12): Apple product event
- Wednesday (9/13): CPI, Potential ARM IPO (unconfirmed)
- Thursday (9/14): Retail sales, jobless claims
Standardized Performances for ETF mentioned above
| ETF | 1 Year | 5 Years | 10 Years |
| SPDR S&P 500 ETF (SPY) | +13.86% | +55.13% | +175.19% |
As of Aug. 31, 2023. Based on TradeStation Data.
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.
