SPY Technical Analysis for Monday August 21, 2023
Between Bullish and Bearish: A Weekly and Daily Breakdown of SPY, ES1!, and NQ1!
Third Consecutive Week of Decline in Megacap Tech Stocks Amid Rising Global Interest Rates
Megacap tech stocks fell for the third consecutive week, marking the longest such streak since 2023, due to concerns about rising global interest rates that weighed on sentiment. Meanwhile, bonds recovered from multiyear lows. This trend underscored a broader uncertainty in the market and led to mixed results across various indices.
In the session's final minutes, stocks rose, likely aided by Friday's massive options expiration. The S&P 500 and Dow Jones Industrial Average finished the session unchanged, whereas the Nasdaq 100 fell. This late surge tempered some of the week's losses, but MSCI's global equity index still suffered its largest weekly loss since the March meltdown of Silicon Valley Bank.
Although fears of an impending recession are fading, investors face new challenges. Concerns about entrenched inflation and the possibility of further policy tightening are taking center stage. Consequ…
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