EB Daily Market Report - August, 30, 2024
Dear Members.
We're nearing the end of August with the Dow coming off of its all time high, the S&P still one good day away from its all time high while the NASDAQ continues to struggle as traders continue to move away from large cap tech stocks.
This bifurcated market hasn't been kind to those who have remained steadfast in big tech but there are plenty of stocks that have benefited from this recent rotation.
The economic news out this morning was just fine and now the next thing that will be discussed non-stop over next week's holiday shortened week will be the jobs report that will come out Friday. And we at least need to be mindful that we are getting ready to enter the historically worst month of the year for stocks.
In looking at the S&P the first key technical level of support is right around 5540. To the upside the bulls will need to clear the all time high 5669 if they hope to take stocks higher.
Enjoy the holiday weekend!
At your service,
John Hopkins