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US stock markets catch a sizzling late-day bid but Nasdaq ends three-week winning streak

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SPX daily chart

There was no lack of drama in the final day of equity trading in what was a wild ride in August. The S&P 500 opened strongly and then gave it all back to trade in negative territory at midday. However some steady bids emerged in the afternoon before a massive wave of buying late.

Much of it was likely technical into a month-end long weekend but it wraps a bow on a lively one.

  • S&P 500 1.0%
  • Nasdaq Comp +1.1%
  • DJIA +0.6%
  • Russell 2000 +0.3%
  • Toronto TSX Comp +0.2%

On the week:

  • S&P 500 +0.25%
  • Nasdaq Comp -0.9%
  • Russell 2000 -0.4%
  • Toronto TSX Comp -0.1%

On the month:

  • S&P 500 +2.3%
  • Nasdaq Comp +0.6%
  • DJIA +1.8%
  • Russell 2000 -2.0%
  • Toronto TSX Comp +0.6%

Those monthly numbers aren’t impressive at first blush but they come after massive selling at the outset.

The Nasdaq Composite monthly chart now shows a double doji. That’s a setup for a big move to come. Given the impressive recovery from the August declines, I’ll take the upside but it’s tough to have confidence after the Nvidia decline and with a negative September seasonal backdrop.

Nasdaq monthly

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