- Moving the market
This morning, the tech sector regained some footing after a recent decline, helping to lift the major indexes. Nvidia led the charge with a 4% gain, recovering some of its losses from last week, followed by Meta, Alphabet, and Apple.
Traders are navigating a complex landscape, with factors ranging from Biden’s withdrawal to earnings reports, and central bank policies. The probability of the Federal Reserve cutting rates at their September meeting has now increased to 93%.
Outside of stocks, the markets were relatively calm. Gold drifted lower, the dollar remained stable, Bitcoin traded within its $67k to $68k range, crude oil slipped below the $80 mark, and bond yields rose moderately.
The economy appears to be slowing down, but as we’ve seen before, “bad news can be good news” for the markets.
However, this trend could reverse at any time, as illustrated by ZH’s chart.
2. Current “Buy” Cycles (effective 11/21/2023)
Our Trend Tracking Indexes (TTIs) have both crossed their trend lines with enough strength to trigger new “Buy” signals. That means, Tuesday, 11/21/2023, was the official date for these signals.
If you want to follow our strategy, you should first decide how much you want to invest based on your risk tolerance (percentage of allocation). Then, you should check my Thursday StatSheet and Saturday’s “ETFs on the Cutline” report for suitable ETFs to buy.
3. Trend Tracking Indexes (TTIs)
Following last week’s market pullback, both the S&P 500 and Nasdaq established a stable foundation, allowing them to rebound. This recovery was largely driven by a resurgence in the tech sector.
Our TTIs also showed positive movement, gradually inching higher alongside the broader market recovery.
This is how we closed 07/22/2024:
Domestic TTI: +7.23% above its M/A (prior close +6.39%)—Buy signal effective 11/21/2023.
International TTI: +7.10% above its M/A (prior close +6.51%)—Buy signal effective 11/21/2023.
All linked charts above are courtesy of Bloomberg via ZeroHedge.
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