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Check out our next “State of the Market,” on Monday, 8/5.
Sizing Up the S&P 500
- S&P 500 holds 50-day moving average
- New record high for advance / decline line
- Wilder’s Relative Strength Index (RSI) returns to neutral
- Stochastics rebound from oversold.
- Intermarket analysis: 2-year Treasury yields fall to lowest since February
- Anticipates Fed move next month
- Steeper yield curve is potential positive for banks
Small Caps vs Megacaps
- Russell 2000 outperformed the S&P 500 by 8.9 percentage points in July, the most since February 2000.
- 74% of members above 50-day MA
- 12% of members made new 52-week highs on Wednesday
- Nasdaq-100 underperformed the S&P 500 by 2.7 percentage points in July, the most since December 2022
- 50% of members above 50-day MA
- 7% of members made new 52-week highs on Wednesday
- See “MT Breadth” workspace for more
News & Views
- Powell: September “on the table” if data keeps improving.
- Inflation is now “somewhat” elevated and unemployment has “moved up.”
- Microsoft (MSFT) earnings beat but Azure disappoints.
- Meta Platforms (META) beats amid signs of slowing ad market.
- Inflation & rates:
- ADP’s private-sector payrolls report shows slower wage gains
- U.S. Treasury doesn’t increase size of planned bond sales
- Q2 employment cost index +0.9% vs +1% estimate
- Pending home sales rise; listings expected to increase
- Chip news:
- Reuters reports the U.S. will ease chip-export restrictions to exempt allied countries.
- AMD beats estimates as data-center revenue more than doubles
- QCOM beats on bounces on handset strength
Using the Platform
Moving average studies can illustrate trends by comparing fast and slow moving averages.
- MovAvg Order: Plots to comparison between two moving averages in RadarScreen
- 2 ma ratio: Plots ratio between two moving averages in RadarScreen and Chart Analysis.
Notice how some large growth stocks have potentially bearish short-term readings.
Upcoming Events
- Thu 8/1 earnings: AAPL, AMZN, MCHP
- Fri 8/2: Non-farm payrolls
- Mon 8/5: ISM manufacturing
- Earnings: PLTR CSX
- Wed 8/7: Crude-oil inventories
- Earnings: DIS, SHOP
- Thu 8/8: Jobless claims
- Earnings: LLY, DDOG
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