8/19 Cautiously Bullish. 300 Buying | 125 Selling.
% Stocks Over 50SMA is Bullish. Primary Indicator is Neutral. 20% Weekly is Neutral.
The market traded sideways, reflecting investor caution ahead of the Fed’s Jackson Hole Symposium and Powell’s Friday speech, with the S&P 500 and Nasdaq holding near record highs but lacking conviction. Consumer discretionary and industrial sectors led modest gains, supported by strong moves in Tesla and Dayforce amid acquisition talks. Healthcare and communication services lagged, with Meta and health care stocks losing momentum despite positive drug approvals boosting Novo Nordisk and GoodRx. Volatility remains subdued as VXX trends lower, indicating calm market conditions.
Technology and retail sectors show early bullish momentum with volume-driven setups in CRDO and AAMI, while chipmakers AMD and INTC present anticipation breakouts fueled by recent volume spikes. Watch for potential breakouts near key resistance levels as market awaits economic data including July Housing Starts and Building Permits on Tuesday.
Key Takeaway:
Focus on selective long setups in technology and retail sectors showing volume-backed momentum, especially near support levels. Exercise caution given the market’s sideways action and muted volatility; avoid chasing weak sectors like communication services and healthcare until clearer directional cues emerge. Position sizing and tight stops near defined supports are advised ahead of key Fed commentary and economic releases.
Watchlist
Continuation: CRDO (S1: 118.5, S2: 118.0, S3: 117.5, R1: 119.5, R2: 119.0, R3: 120.0)
Anticipation: AMD (S1: 175.5, S2: 175.0, S3: 174.5, R1: 176.5, R2: 176.5, R3: 177.0)