Wednesday, September 4, 2024 9:13 AM EDT
More than your usual daily S&P 500 setback – Nasdaq leading lower in the main theme and breadth divergencies pointed out to clients Sunday. Incoming data, BoE and NVDA – these were the elements of extending Friday‘s risk-off sentiment, which was possible to best capture in intraday terms. The matter of whether we have a weekly hanging man or hammer candle – dependent upon the follow through – was clearly resolved yesterday.
Now, the question is about the extent of follow through to the downside, and which sectors can withstand the selling pressure best. And why.
(Click on image to enlarge)
![S&P 500 and Nasdaq](https://monicakingsley.co/wp-content/uploads/2024/09/VIX.png)
(Click on image to enlarge)
![S&P 500 and Nasdaq](https://monicakingsley.co/wp-content/uploads/2024/09/STS-2.png)
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