Volume Analysis ‘Flash Market Update’ – 8.21.23
The market’s seasonal decline picked up its pace this past week. Both Capital-Weighted Volume and Capital-Weighted Dollar Volume experienced significant weekly declines but remain in intermediate uptrends above their major support levels. Over $55 Billion flowed out of the S&P 500 on the week while approximately $25 Billion flowed in. The Russell 3000 Advance-Decline Line experienced a vigorous weekly drop but managed to close the week slightly above support.
The S&P 500 breached and closed below minor support at 4385. The next moderate S&P 500 support is 4300 with major support residing at 4200, the former resistance line. The S&P 500’s next intermediate resistance rests at 4460 with major resistance at 4635.
Grace and peace my friends,
BUFF DORMEIER, CMT®
Historical references do not assume that any prior market behavior will be duplicated.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.