Hope you had a good trading week.
While the summer may be winding down this past week the markets were doing anything but.
In what is usually a slow or seasonally a negative month for the markets, this past week the SPY shrugged off the summer doldrums and joined the QQQ’s in making fresh all-time highs.
Q1’s sell-off is now but a distant memory and we have just witnessed one of the fastest bear markets in market history.
In this week’s video I discuss:
– The all-time highs in the SPY and QQQ’s and why the DIA is right around the corner
– TSLA breaking the 2000 mark and AAPL reaching $2 trillion in market cap and the upcoming stock splits
– The ongoing sector rotation and the concentration into high beta tech names – FNGU
– The market reaction from this week’s jobless claims # and why bad news is still good for the market
– The negative divergence between the underlying stocks in the S&P and the S&P index
– What I’ll be looking for in the new month that a larger reversal may be setting up
Now watch this week’s Weekly Outlook video to see the setups and levels we’ll be watching as well as the technical outlook for the VXX SPY QQQ IWM DIA EEM TSX TLT GLD MGC BTCUSD EEM and more for the week of Weekly Market Outlook For August 24 – 28, 2020.
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