Market Report Aug 16 2023

In today's subdued trading session, equity markets exhibited soft performance on low volume. Despite the S&P 500 initially finding support near its 50MA, intensified selling pressure during the session's final thirty minutes caused it to break below this level.

The major averages closed near their intraday lows.

Tuesday marked the first time the S&P 500 has concluded below its 50MA since March this year.

As mentioned in advance on the weekly webinars, what we are seeing in this market is what we had expected. There are no surprises so far.

Javid Shaik

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