9/9 Cautiously Bullish. 370 Buying | 200 Selling.
% Stocks Over 50SMA is Bullish. Primary Indicator is Neutral. 20% Weekly is Neutral.
Modest gains in mega-cap tech pushed the Nasdaq Composite to a record high, supported by semiconductor strength and earnings momentum, while the broader market showed limited conviction. Technology and consumer discretionary sectors led, with notable late-session buying lifting materials and industrials modestly. Defensive sectors remain mixed, and volatility (VXX) remains subdued, signaling steady risk appetite ahead of key inflation data releases tomorrow.
Tech mega-caps like Broadcom and Oracle rallied on earnings buzz, while Apple traded lower ahead of its product launch. Communication services faced pressure from telecom components after a major spectrum sale. Small- and mid-cap indices showed subdued performance with narrow breadth.
Upcoming Catalyst: August PPI and CPI data releases tomorrow will be critical for near-term market direction.
Key Takeaway:
Swing traders should focus on technology and semiconductor names exhibiting momentum, while maintaining caution given mixed sector breadth and neutral primary indicators. Use support levels for entries and keep stops tight below key levels amid moderate volume confirmation. Avoid chasing late-session spikes without volume follow-through, and monitor inflation data for directional cues.
Watchlist
Continuation: CYBR (S1: 467, S2: 465, S3: 465, R1: 470, R2: 472, R3: 475)
Anticipation: ASML (S1: 793, S2: 789, S3: 789, R1: 799, R2: 802, R3: 805)