Market Insights

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Sizing Up the S&P 500

• S&P 500 holds 4450 area
  • Near June peak and August 15 breakdown level
  • Holds 50% retracement of 8/25 – 9/1 rally
• Potential resistance at 4528 (bottom of July 27 outside candle)
• Earnings estimates rising on S&P 500 for first time in 2 years: FactSet
• MACD rising
• S&P 500 members above 20-day MA now exceed number above 50-day MA

Sector Watch

• Energy top performing sector in the past month
• Technology has also outperformed. All other sectors have lagged the S&P 500
• Cannabis stocks rally as the Department of Health and Human Services (HHS) looks to ease restrictions.
• Consumer staples and traditional media lag.
  • Risk of bearish window dressing into yearend?
  • New York Times (NYT) bucks the weak trend

Key News

• Oil jumps to 2023 high after OPEC+ extends cuts
• Airlines warn fuel costs may hurt profits: CNBC
• Cleveland Fed “Nowcast” sees August CPI +0.8%, September +0.4%
• ISM services surprise to upside as price gains accelerate
• Roku (ROKU) rallies on cost cuts after jumping on strong results
• Fedspeak: Waller (voter) & Collins (non-voter) “careful/cautious” but open to more hikes.
• S&P: U.S. corporates getting more efficient by cutting expenses
• Morgan Stanley: Healthcare spending on AI/machine learning to rise 10.5% in 2023 vs 5.5% in 2022.
• Reuters: Growing pessimism toward consumers as savings deplete

Mover of the Week: Dell Technologies

• Earnings, revenue beat estimates on 8/31
• AI “long-term tailwind,” according to CEO COO Jeff Clarke
• DELL +75% YTD

Upcoming Events

• Monday (9/11): Oracle (ORCL) earnings
• Tuesday (9/12): Apple product event
• Wednesday (9/13): CPI, Potential ARM IPO (unconfirmed)
• Thursday (9/14): Retail sales, jobless claims

Standardized Performances for ETF mentioned above

As of Aug. 31, 2023. Based on TradeStation Data.

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