Bottom Line:

The US equity market continues to absorb any and all news bullishly. All four primary US indices continue to make higher highs and lows in the intermediate term timeframe.

This is the most bearish part of the year from a seasonal perspective, but there has been little “normal” in the indices since last October’s lows.

The SPX third quarter Auction is quite narrow and range extension would not be a surprise.

PDF: Weekend Report_2023_09_04
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RUT Weekly

RUT Daily

Upper KRA: 1926
Lower KRA: 1834-1818

NDX Weekly

NDX Daily

Upper KRAs: 15619; 15928
Lower KRA: 14738-14544

SPX Weekly

SPX Daily

Upper KRA: 4541; 4607
Lower KRA: 4358-4326

Dow Weekly

Dow Daily

Upper KRA: 35064; 35686
Lower KRAs: 34723; 34029

Internals

NYSE internal data has alleviated its mildly “oversold” condition. Beyond that, there is no big “tell” at the moment.

US 10-yr Notes

Friday’s reversal day high is now critical to any bullish assumption.

US Dollar

Very well defined upper and lower level at the moment.

Gold

Gold is between critical intermediate to long-term levels.

Crude

Favor longs.