Stock Market Today: August 7th - 11th, 2023

Top of the morning StonkForumers! Happy Hump Day to all of you and welcome to the new trading day and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are a little over an hour away from the US cash market open.

GLTA on this Wednesday, August the 9th, 2023!

 

Morning Lineup -- 8/9/23
Wed, Aug 9, 2023

US equity markets finished in the red yesterday, but the story of the session was the intraday rally seen from lows made around 11 AM ET right through the close. 90 minutes into the trading day, the S&P was down well over 1%, but the index rallied about 75 basis points over the final five hours of the day to close down just over 40 bps.

Heading into today's session, futures are higher by about 20 bps. That should be enough to get the S&P above the top of the intraday downtrend channel that has formed over the last week, but whether it holds is a different story. We'll find out in a few hours!

 

Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Wednesday, August 9th, 2023.

 

hey fellas, just a quick heads up here. you guys might noticed that i've updated a bunch of my weekly threads this afternoon (a day or two earlier than usual). this is because i may or may not be available for the rest of this week and into this weekend. i have some family visiting starting tomorrow and my availability may be very slim to none for the remainder of this week. hence, i've gone ahead and did my customary weekly thread updates today instead of tomorrow or friday.

i should be back to normal activity again starting from monday. it's that time of the year as we're in the meat of the summer season now, with just about a month left of it.

the markets haven't really been doing a whole heck of a lot this week. kinda just chopping around back and forth since peaking last week. i'm not too sure if we'll see any real major moves, absent some black swan event. i know we get the inflation #'s starting tomorrow which certainly could move the markets in either directions. but, not sure just how sustainable either move would be given that volumes have been on the lighter side as we're in the meat of the summer. that doesn't mean the moves can't be significant, given that volumes are light could actually exaggerate the moves more greater than if volumes were heavier.

anyway, if i'm being honest here, i haven't really done a lot of monitoring of the market lately anyway. just been very busy with life outside of the market and the internet.

i hope you guys will all have a wonderful rest of your week if i didn't get a chance to say it before then! and will catch up with you all next week most likely. enjoy the rest of your summer guys! i'll be eating lunch out on the lake with my family on friday. then after lunch i'll actually be on the lake (or rather swimming in one lol). lots of fun events lined up that i'm really looking forward to as we come into the home stretch of this summer season.

catch up with you guys in a couple of days!

BTW - i may or may not be able to update the daily market direction games rest of this week starting from tomorrow. if you guys don't see any updates don't worry, i will eventually get around to them later on.

 

Top of the morning StonkForumers! Happy Thursday to all of you and welcome to the new trading day and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are a little over an hour away from the US cash market open.

GLTA on this Thursday, August the 10th, 2023!

 

Morning Lineup -- Nasdaq 100 Breaks 50-DMA -- 8/10/23
Thu, Aug 10, 2023

US equity index futures are pointing to a higher open as of 8:10 AM ET as the world awaits US CPI for July due out at 8:30. Weekly Jobless Claims are also due out at the same time. As highlighted yesterday, YoY CPI is set to end a streak of twelve monthly declines in a row.

Yesterday, the Nasdaq 100 closed below its 50-day moving average for the first time in 103 trading days. Going back to 1985 when this index began, there have only been ten other streaks of 100+ trading days of closes above the 50-DMA, with the last occurring in mid-2020.

 

Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Thursday, August 10th, 2023.

 

Top of the morning StonkForumers! Happy Friday to all of you and welcome to the final trading day of the week and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are a little over an hour away from the US cash market open.

GLTA on this Friday, August the 11th, 2023!

 

Morning Lineup -- 8/11/23
Fri, Aug 11, 2023

US equity futures are down slightly this Friday morning as we await July PPI following yesterday's inline CPI report. The market's intraday action has been heavy so far this month with sellers stepping in every time prices tick higher. For now, though, the S&P's 50-day hasn't even been tested yet, so it could be worse!



At this point, most sectors have 10-day advance/decline lines that are either oversold or just near oversold territory, meaning overbought levels from July have been fully worked off in the near term and we're actually at a point where we could start seeing upside mean reversion again from a breadth perspective.

 

Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Friday, August 11th, 2023.