Another week gone by and there is a lot of market news and price action to discuss.
In this week’s weekend market outlook we will discuss several topics, including seasonality and volatility. Below is a summary of what’s in the video below. Please feel free to comment or hit us up with any questions.
Market Outlook Video (August 11):
– Today’s is the first risk-off move in a while but was lacking a few key signs of risk aversion. I outline what those are in today’s outlook.
– Market Forecast for the NASDAQ (NASDAQ: QQQ) and Russell 2000 (NYSEARCA: IWM) suggest Friday’s weakness in the S&P 500 (NYSEARCA: SPY) may be temporary – especially with bullish short-term signals popping up on S&P and Dow Jones Industrials.
– Seasonality review for the S&P 500 heading into a key period from mid-August to the end of the month.
– Long-term chart for S&P 500 is still bullish; I discuss key levels for Heikin Ashi weekly candles.
– The S&P 500 is trading down to 17-day SMA and looking for support with today’s volume and trading range above average but still easily in the lower half of their 52-week ranges.
– Volatility bounced up towards resistance and may start moving lower early next week.
– Discussion of strong dollar impact of various asset classes and foreign markets; “risk off” sector rotation.
– Today’s trade idea highlights a strategic bearish trade on a downtrending stock that broke down today from a dead cat bounce with the breakout in the USD.
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.