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Market Trends | Markets
Rotation Continues as Nvidia Beats Again: Market Trends This Week
David Russell
August 29, 2024

Downloads are available here. TradeStation’s ideas on TradingView are available here.

Check out our next “State of the Market,” on Monday, 9/9. (Next Market Trends will be Thursday, 9/12)

Sizing Up the S&P 500

  • S&P 500 holds 5560 price area (weekly low on 7/8 and daily high on 8/1)
  • Treasury yields still sliding: Two-year note closed Wednesday at lowest since May 2023
  • Breadth continues to widen as volatility wanes
  • “Value/income” vs “growth:
S&P 500, daily chart, with select patterns and indicators.

News & Views

  • NVDA results and guidance beat. Blackwell “samples” being shipped, reflecting apparent delays.
  • BRK.B briefly joins $1 trillion market cap club
  • SMCI plunges on delayed 10-K filing, Hindenburg Research report
  • Paul McCulley: Fed to cut next 8 meetings after Powell’s “marvelous” speech at Jackson Hole
  • JPMorgan: Hedge funds reduced exposure to Magnificent 7 names like NVDA in Q2 and Q3
    • Retail investors still appear bullish

Potential Turnarounds?

  • Stocks that haven’t hit new highs this year, but gained on recent earnings:
    • Pitney Bowes (PBI): Office equipment
    • Ambarella (AMBA): Semiconductors
    • Chewy (CHWY): Pet supplies
    • Mohawk Industries (MHK): Flooring
    • Pfizer (PFE): Pharmaceuticals
    • Bristol-Myers Squibb (BMY): Pharmaceuticals
    • Cisco Systems (CSCO): Networking
    • Box (BOX): Enterprise software

Upcoming Events

  • Mon 9/2: Markets Closed: Labor Day
  • Tues 9/3: ISM manufacturing
  • Thu 9/5: ADP payrolls, jobless claims, ISM services
    • Earnings: AVGO
  • Fri 9/6: Non-farm payrolls
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About the author

David Russell
David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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Global markets trade almost around the clock, and many active traders follow price action overseas before the U.S. session begins. Two noteworthy European futures products are the DAX Index futures and Euro Bund futures. Both trade on Eurex, a Frankfurt-based...