AllTechnical Analysis
logoArgusSeptember 10, 2024

Technical Assessment: Bullish in the Intermediate-Term

Intermediate Term
Long Term
Summary

After a rough Friday that ended a tough last week, Monday saw a nice comeback for stocks. Are we out of the woods yet? Not from a technical perspective, as many of our shorter-term and some intermediate-term indicators remain bearish. Inflation will be on everyone?s mind this week, although anxiety around price increases has been cut to a dull roar, if anything. August CPI comes out on Wednesday morning, August PPI drops on Thursday, and Friday brings the August Import Prices and September Consumer Sentiment readings. Quarterly EPS reports are mostly done, but we do have news from Oracle and Adobe still to come. All the major mega-cap indices traced out ?inside days? on Monday. That occurs when the entire price range for one day fits inside the range from the prior day. Many times, inside days (or inside weeks) can represent turning points in the overall trend of the market. These days are similar to doji candlesticks, which indicate indecision among buyers and sellers. On Monday, the S&P 500 (SPX), the S&P 100, and the Nasdaq bounced back by 1.2%, while the Nasdaq 100 (QQQ) added 1.3%. Sector strength was broad, with Information Technology, Industrials, Discretionary, Financials, Real Estate, Utilities, and Materia

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