Mag 7 Drags Down Large Cap - Potential Index Wedge Formations

23 août

Thanks for checking out the video today. It was a reasonably nice selloff today, led mostly by the Mag 7 stocks. All US Indexes were in red, Nasdaq taking the worst of it around -1.60% lower.

Powell on tap for Friday with Day 2 at Jackson Hole. The market is oh so curious if the FED will cut 25 or 50 bps in September and we have plenty of news to digest prior to the official September 18 FOMC Meeting and Press Conference.

If Friday Aug 23's trading day pushes lower and helps balance out the aggressive bull moves from August 5's bottom, we could see a nice wedge pattern in the works - lower highs / higher lows.

Watch the S&P Daily 200 SMA or 200 EMA for some dynamic support. It will be interesting to see if the bulls and bears both get what they want with prices on the move through September with volatility returning to elevated levels > 20 perhaps.

Thanks for watching!!!