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.
Twitter: @davidsettle42 and @Market_Scholars
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.
