August 7, 2023

Volume Analysis ‘Flash Market Update’ – 8.7.23

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,


Updated: 8/7/2023

Historical references do not assume that any prior market behavior will be duplicated.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. 

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