CHIEF TECHNICAL ANALYST, BUFF DORMEIER, CMT^Ⓡ

Last week’s Volume Analysis Flash Update focused on August’s historically weak seasonality trend, the nearing of potentially significant resistance points in the S&P 500 (nearing 4635), and the resistance posed by all-time highs in Capital-Weighted Dollar Volume. Thus, it’s not unexpected that the NDX 100 (generals) experienced a 3.02% decline last week. This decline also impacted the Russell 2000 (troops) as evidenced by the S&P 500’s 2.27% decrease and the iShares Russell 2000 ETF’s 1.15% drop.

During this time frame, the S&P 500 saw an influx of $32 billion in inflows, while facing outflows of $51.9 billion. Both the count of stocks achieving New Highs and the Advance-Decline metrics also faced minor setbacks. In terms of levels, the S&P 500’s resistance remains around 4635, with initial support at 4450, and a robust support level resting at 4200.

Grace and peace my friends,

BUFF DORMEIER, CMT®

Updated: 8/7/2023

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