On Friday, markets tried to rally.
By lunchtime, the bulls had made some headway. But the gains didn’t hold.
The indexes faded all afternoon and settled at their session lows and slightly red…
- Dow Jones -0.3%
- Nasdaq -0.1%
- S&P 500 -0.2%
- Russell 2000 -0.3%
Sector Round Up
Most sectors ended Friday’s session lower.
Of the 11, there were 2 sectors that squeezed out small gains.
- Technology (XLK) +0.2%
- Energy (XLE) +0.2%
At the bottom…
- Real Estate (XLRE) -0.7%
- Financials (XLF) -0.8%
- Consumer Discretioary (XLY) -1.0%
Markets have posted three days of losses since the Fed decision last week.
But fear has yet to emerge.
The VIX climbed above 16 but is holding below 18. Until the fear gauge cracks 20, the bulls are likely to maintain control, and the dip will eventually be bought.
This morning, markets remain very oversold as we search for signs of a bottom.
Your latest readout…
Today, we kick off the final trading week in September.
Two news events we’ll be watching…
- The final Q2 GDP estimate drops Thursday morning
- PCE inflation report is scheduled for Friday
Secondary watchlist—float 100+ million
TALK support at $1.80