U.S. stock market weekly review 9/1–9/4
This week: the S&P closed at 7718, +0.09%; the Nasdaq at 26507, +0.40%; the Dow at 53414, −0.27%. On Monday, the market first sold off to the weekly low, on Wednesday it surged higher, and after Friday’s nonfarm payrolls it gave back part of the gains. Chips supported the tech sector, $MU led the gains on Friday, and $NVDA provided a weighty floor.
In terms of structure: the S&P touched 7611, hit 7756 on Wednesday, and failed to hold above 7750 at the close. The Nasdaq’s weekly low was 25995, weekly high 26644, and it closed near the higher end.
On events: August nonfarm payrolls came in at 162,000, far above the expected roughly 53,000, and the unemployment rate was 4.1%. The probability of a September FOMC rate hike was raised to around 60%. Memory chips strengthened on Friday; Apple and Tesla weighed on the market.
Weekend watch: U.S. stock index futures were received on Friday and the market was closed on Sunday evening; with Labor Day cash markets closed on Monday, the next full trading day is Tuesday. Treat this as an intraday rise followed by a pullback. The move is invalidated if the S&P recovers and holds above 7750; a break below 7610 opens the downside.
My view: short-term bearish. 7750 is resistance for now, not support.
$NVDA $MU #美股 #weekly review
This week: the S&P closed at 7718, +0.09%; the Nasdaq at 26507, +0.40%; the Dow at 53414, −0.27%. On Monday, the market first sold off to the weekly low, on Wednesday it surged higher, and after Friday’s nonfarm payrolls it gave back part of the gains. Chips supported the tech sector, $MU led the gains on Friday, and $NVDA provided a weighty floor.
In terms of structure: the S&P touched 7611, hit 7756 on Wednesday, and failed to hold above 7750 at the close. The Nasdaq’s weekly low was 25995, weekly high 26644, and it closed near the higher end.
On events: August nonfarm payrolls came in at 162,000, far above the expected roughly 53,000, and the unemployment rate was 4.1%. The probability of a September FOMC rate hike was raised to around 60%. Memory chips strengthened on Friday; Apple and Tesla weighed on the market.
Weekend watch: U.S. stock index futures were received on Friday and the market was closed on Sunday evening; with Labor Day cash markets closed on Monday, the next full trading day is Tuesday. Treat this as an intraday rise followed by a pullback. The move is invalidated if the S&P recovers and holds above 7750; a break below 7610 opens the downside.
My view: short-term bearish. 7750 is resistance for now, not support.
$NVDA $MU #美股 #weekly review
