CHIEF TECHNICAL ANALYST, BUFF DORMEIER, CMT^Ⓡ

Both the generals represented by the NDX (Nasdaq 100) and the troops symbolized by the Russell 2000 maintained their seasonal descents this past week. The Nasdaq 100 experienced a decline of 1.62%, mirrored by a corresponding 1.64% slide in the troops as indicated by the iShares Russell 2000 ETF (IWM). The S&P 500 saw above average outflows of $53 billion, surpassing weak inflows of only $28 billion. Although market breadth experienced a decrease during the week, the Advance-Decline Line remained relatively unscathed. Similarly, our prominent Capital-Weighted Volume and Dollar Volume metrics ceded ground but continued to exhibit robust upward trends. The S&P 500’s next level of support is situated at 4385, with a more substantial support base at 4200. Resistance for the S&P 500 is anticipated around the 4525 mark, with notable resistance prevailing at 4635.

Grace and peace my friends,

BUFF DORMEIER, CMT®

Updated: 8/14/2023

Historical references do not assume that any prior market behavior will be duplicated. Past performance does not indicate future results. This material has been prepared by Kingsview Wealth Management, LLC. It is not, and should not, be regarded as investment advice or as a recommendation regarding any particular security or course of action. Opinions expressed herein are current opinions as of the date appearing in this material only. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate their ability to invest for the long term. Investment advisory services offered through Kingsview Wealth Management, LLC (“KWM”), an SEC Registered Investment Adviser.