"With the S&P 500 failing to puncture its February 2020 highs despite a few attempts this week, many observers believe it's a clear sign of exhaustion," Frank Cappelleri, executive director at Instinet, said in a note. Cappelleri noted three Demark indicators — measures used by technicians to gauge market momentum — have seen sell signals pop up over the past 10 days.
"While these don't always pinpoint a top and/or precede a huge drawdown, over the last three years, the S&P 500 eventually has pulled back to where these signals first hit every time," Cappelleri said. This week's back-and-forth action came as investors rotated between the major tech stocks — Facebook, Amazon, Apple, Alphabet, Netflix and Microsoft — and shares of companies that would benefit from the economy reopening., the Commerce Department said. That's below a Dow Jones estimate of 2.3%. Excluding autos, however, retail sales rose 1.9% to top a forecast of 1.2%.
In Washington, lawmakers seem unable to move forward with a coronavirus stimulus bill. This could drag on for weeks as the Senate is in recess until after Labor Day and House members have already left for the rest of the month. House Speaker Nancy Pelosi, D-Calif., has said she will not restart talks with Republicans on the matter until they increase
Even Steven
Good day on the markets, going to buy some champers and and have a good evening...
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