Thursday Market Insights: Nasdaq Nears Breakout, Bond Yields Drop & Bitcoin Surges

In today's market update, Stephen Whiteside from TheUpTrend.com notes that the pre-market is relatively quiet, with stock index futures trading above fair value. Initial jobless claims are expected at 8:30 AM, which could influence market sentiment. The 30-year bond closed higher, while bond yields declined, suggesting a risk-on environment as money flows into higher-risk bond markets. Major indices like the Dow, S&P 500, and Nasdaq 100 showed slight gains, with the Nasdaq nearing a key resistance level. Sectors like consumer discretionary, materials, and real estate performed well, while financials and energy showed weakness. Bitcoin returned to a buy signal, whereas Ethereum remained on a sell signal. In Canada, the market saw a quiet trading day, with the TSX 60 and Vanguard Canada ETFs showing little movement. Energy stocks like Canadian Natural Resources and Suncor are on the brink of sell signals, while TD Bank is expected to report disappointing earnings. Among commodities, crude oil continued its decline, and precious metals like gold and silver showed mixed performance. The update concludes with an overview of the most active stocks, including Nvidia, Tesla, and Palantir, highlighting that most remained on buy signals despite minor pullbacks. Stephen Whiteside TheUpTrend.com Thursday, August 22, 2024 https://theuptrend.com/morning-market-outlook-08222024/