The Start Of The Expected Seasonal Selling? Or Does This Week Signal A Changing Of The Tides?
Portfolio Pulse from Andrew Moss
The article discusses the recent market trends and the potential impact of seasonal selling. It mentions that stocks are strong and the big picture case is getting stronger, suggesting a pullback, not a bear market. The Bullish Percent indexes for SPX and QQQ were hinting at the start of a pullback two weeks ago. The article also mentions that Amazon's stock is up due to better-than-expected earnings, and that SPY and QQQ are below the short-term 8 and 21-day moving averages.
August 07, 2023 | 2:17 pm
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POSITIVE IMPACT
Amazon's stock is up due to the company reporting earnings that far exceeded expectations.
The company's better-than-expected earnings report has positively impacted its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
QQQ is below the short-term 8 and 21-day moving averages.
Being below the short-term moving averages suggests a potential downward trend in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
SPY is below the short-term 8 and 21-day moving averages.
Being below the short-term moving averages suggests a potential downward trend in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70