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The Markets
There’s nothing new to report. Most stocks (not Energy) keep drifting lower. CPI and PPI data came out and there weren’t any big surprises. So the slow, summer selling continues.
Let’s get straight to the charts.
The Charts
SPY Opened at the June pivot high and got a little relief. The 8-day MA is still overhead and sloping lower while the 21-day MA starts to decline as well.
QQQ is in no-man’s-land and closed near the lows of the day. Keep an eye on $357 below.
IWM is still holding the support/resistance zone and ATH AVWAP while the 50-day MA tries to catch up.
DIA was perhaps the leader today and managed to close above the 8 and 21-day MAs.
TLT Treasury bonds are still under pressure.
BTC Bitcoin is struggling to maintain its recent gains but is still in the range and above the short-term MAs.
DXY The US Dollar is still a headwind for stocks, but it is approaching potential resistance. We will learn more about the significance of that area (or lack of) next week.
VIX Volatility continues to fall.
The Closing Bell
Next week’s calendar has a few events to watch: FOMC speakers and Meeting Minutes, along with earnings reports from HD, JD, WMT, DE, and several more.
Have a great weekend.
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The Disclosures
***This is NOT financial advice. NOT a recommendation to buy, sell, or trade any security. The content presented here is intended for educational purposes only.
Andrew Moss is an associated member of T3 Trading Group, LLC (“T3TG”) a SEC registered broker/dealer and member of FINRA/SIPC. All trades placed by Mr. Moss are done through T3TG.
Statements in this article represent the opinions of that person only and do not necessarily reflect the opinions of T3TG or any other person associated with T3TG.
It is possible that Mr. Moss may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed. This may reflect the financial or other circumstances of the individual or it may reflect some other consideration. Readers of this article should take this into account when evaluating the information provided or the opinions being expressed.
All investments are subject to the risk of loss, which you should consider in making any investment decisions. Readers of this article should consult with their financial advisors, attorneys, accountants, or other qualified investors prior to making any investment decision.
POSITION DISCLOSURE
August 11, 2023, 4:00 PM
Long: MRO, NVDA0818C420, RIVN, XLE
Short:
Options symbols are denoted as follows:
Ticker, Date, Call/Put, Strike Price
Example: VXX1218C30 = VXX 12/18 Call with a $30 strike