Market Sentiment Teeters As US Indices, Including S&P 500, Break Key Supports: Next Levels To Watch
Portfolio Pulse from Piero Cingari
The S&P 500, Nasdaq 100, and Russell 2000 indices have all breached a crucial technical support level, indicating a potential shift in market trends. The indices had experienced significant growth from the beginning of the year to the end of July, but have seen a pullback in August. The iShares Russell 2000 ETF (IWM), Invesco QQQ Trust (QQQ), and SPDR S&P 500 ETF Trust (SPY) have seen declines of 6%, 5%, and 3% respectively. The worst performers for the month include SolarEdge Technologies (SEDG), Generac Holdings (GNRC), Etsy (PYPL), Fortinet (FTNT), Datadog (DDOG), PayPal (PYPL), Design Therapeutics (DSGN), Origin Materials (ORGN), and Cano Health (CANO).
August 17, 2023 | 1:49 pm
News sentiment analysis
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NEGATIVE IMPACT
Cano Health (CANO) has seen a decline of 71% since the beginning of August.
The decline in CANO stock is a direct result of the overall market pullback.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Datadog (DDOG) has seen a decline of 22% since the beginning of August.
The decline in DDOG stock is a direct result of the overall market pullback.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Design Therapeutics (DSGN) has seen a decline of 74% since the beginning of August.
The decline in DSGN stock is a direct result of the overall market pullback.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Fortinet (FTNT) has seen a decline of 25% since the beginning of August.
The decline in FTNT stock is a direct result of the overall market pullback.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Generac Holdings (GNRC) has seen a decline of 29% since the beginning of August.
The decline in GNRC stock is a direct result of the overall market pullback.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The iShares Russell 2000 ETF (IWM) has seen a decline of 6% since the beginning of August.
The decline in the IWM ETF is a direct result of the overall market pullback, particularly in the small-cap sector.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Origin Materials (ORGN) has seen a decline of 72% since the beginning of August.
The decline in ORGN stock is a direct result of the overall market pullback.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
PayPal (PYPL) has seen a decline of 21% since the beginning of August.
The decline in PYPL stock is a direct result of the overall market pullback.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Invesco QQQ Trust (QQQ) has seen a decline of 5% since the beginning of August.
The decline in the QQQ ETF is a direct result of the overall market pullback, particularly in the tech sector.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
SolarEdge Technologies (SEDG) has seen a decline of 33% since the beginning of August.
The decline in SEDG stock is a direct result of the overall market pullback.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) has seen a decline of 3% since the beginning of August.
The decline in the SPY ETF is a direct result of the overall market pullback.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100