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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

The last day of stock trading in August was not without its share of action. The S&P 500 opened strongly and then pared its gains to trade in negative territory by midday. However, some steady bids emerged in the afternoon before a massive late-day buying spree.

Much of this will likely technically be on the long weekend at the end of the month, but it caps off a busy weekend.

  • S&P 500 1.0%
  • Nasdaq Composite +1.1%
  • Dow Jones Industrial Average +0.6%
  • Russell 2000 +0.3%
  • Toronto TSX +0.2%

In the week:

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

In the month:

  • S&P 500 +2.3%
  • Nasdaq Composite +0.6%
  • Dow Jones Industrial Average +1.8%
  • Russell 2000 -2.0%
  • Toronto TSX +0.6%

These monthly numbers may not seem impressive at first glance, but they come after a huge sell-off at the start.

The monthly chart of the Nasdaq Composite is now showing a double doji candle. This is a precursor to a big move ahead. Given the impressive recovery from the August lows, I would be bullish but it’s hard to be confident after the Nvidia drop and with the negative seasonal backdrop for September.

Nasdaq monthly

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