News:
Markets opened lower on Friday, and buyers pounced.
After the weak open, stocks climbed into the close and ended the week mostly flat.
The indexes posted a mixed close…
- Dow Jones +0.1%
- Nasdaq -0.2%
- S&P 500 -0.0%
- Russell 2000 +0.5%
Investors were digesting slow growth in China and high interest rates.
Speaking of higher yields, money market funds are suddenly the hottest investment, according to a recent report.
Sector Round Up
7 of the 11 sectors finished the day green.
No sector ended with a change greater than 1%.
At the top…
- Energy (XLE) +1.0%
- Utilities (XLU) +0.5%
- Consumer Staples (XLP) +0.4%
At the bottom…
- Consumer Discretionary (XLY) -0.2%
- Communications (XLC) -0.6%
Technicals:
The S&P 500 is trying to turn.
Oversold conditions remain. Friday saw a spike in volume too. And it’s entered a large area of support.
Your latest readout…
- The VIX remains relatively low
- RSI levels are mostly oversold
- The put-to-call ratio remains oversold also
Timing:
It’s the final full trading week of August.
Earnings continue this week, but the season is winding down. Here are the top names we’ll be watching this week…
- Macy’s (M) reports Tuesday premarket
- Lowes (LOW^) Tuesday premarket
- Peleton (PTON) Wednesday premarket
- Nvidia (NVDA) Wednesday after hours
Also on the docket is the Fed’s annual Jackson Hole Economic Symposium.
- The party starts on Thursday
- The headline feature is Fed Chair Powell’s speech on Friday Morning
Watchlist:
*Low Float
^Open Position
*RETO support at $5
*HKIT on watch
*GCT support at $11
*JUPW has support at $1, resistance at $1.20
*GAMB support at $13
*GROV support at $2.50 / $3
*ACIS (formerly UIHC) support at $7
GRPN support at $10, resistance at $12
EYPT support at $13
EZGO support at $2.25
TDS support at $17.50