Most domestic indices moved lower on Thursday.
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Below are highlights from the NDW Morning Update Video for the morning of 08/21. Access the the video on the NDW Morning Update Video page.
- Most domestic indices pulled back yesterday, with the S&P 500 falling 0.87% on the day. SPX also reversed back into a column of Os on its trend chart, but previous resistance from $7,600 to $7,550 could serve as potential support from here.
- Selloff this week has caused participation to tick lower, especially among growth stocks. The Bullish Percent for the Nasdaq-100 was previous sitting around 74%, which was its highest level in over a year. However, the indicator has since reversed into a column of Os, with it currently sitting around 62%. Despite the decline, overall levels continue to be healthy.
- Cybersecurity stocks have been among some of the highest relative strength names in recent months, but action yesterday saw the group pull back. The First Trust NASDAQ Cybersecurity ETF (CIBR) declined 2.19%, moving to a sell signal. That said, the fund was previously in heavily overbought territory, so recent action could serve as a healthy pullback, as CIBR still holds a robust 5.71 fund score.
- Bitcoin and cryptocurrencies have been quiet in recent months, but the group rallied higher on Thursday. The iShares Bitcoin Trust ETF (IBIT) rose 6.24% to hit its highest levels since June, completing a third consecutive buy signal. That said, the cryptocurrency is still far off its highs, and IBIT’s fund score is still unacceptable at 2.54.
- Most retail stores wrapped up their earnings reports this week, with Walmart (WMT) reporting before Thursday’s open to the disappointment of investors. Walmart fell 9.15%, triggering a third consecutive sell signal for the 3 for 5’er. For more information on retail stores, check out Friday’s featured article.
