Throughout each week, I post threads on all the economic releases (I was a bit absent on that this week as I was down with a cold). Every weekend I compile that info into a market recap and outlook article.

It's a lot to sift through, so below is the highlight for each day! Yay statistics!

Outlook: Resistance was strong around 4,460 this week. We rejected down hard from that level, which coincides with the 50 day SMA. Buyers need some strength to get above that before new highs are in order. Below here is the 0.618 fib level and 100 day SMA.

I think there is more resistance to push us down to that level than there is support to push us higher.

Monday: There was no data today! It was a low volume day with Treasury yields rising and keeping pressure on stocks. The 30-year T yield hit its highest level since 2011 at 4.46%.

$NVDA was a top performer as HSBC raised its target price to $780 from $600, creating a 8.5% gain on the day.

Tuesday: Only data for the day was the existing home sales report. Sales fell 2.25% MoM to an annual rate of 4.07M, under the previous 4.16M reading. This is a 16.6% YoY.

Wednesday: The preliminary August PMI readings came in. Manufacturing moved down 2 points to 47. Services moved down 1.3 points to 51. The composite reading moved down 1.6 points to 50.4, just barely above the contractionary level of sub 50. This reading was the weakest output since February as persistent challenges in manufacturing demand were accompanied by slower growth in the services sector.

Thursday: Initial jobless claims were better than expected at 230k, a 10k drop, compared to the expected 240k. Continuing claims decreased by 9k. Initial claims is still leading the market to believe that labor is tight, which is something that won't escape the Fed's eye.

Friday: The University of Michigan Consumer Sentiment Survey came in at 69.5 versus the prior 71.6 reading. July marked the highest level since October 2021. This time a year ago the index was at 58.2. Sentiment has improved greatly in the last few months, however this could mean that consumers may be more tentative about the outlook ahead.

That's it! Of course, there is more to cover like the durable goods orders, MBA mortgage data, etc. So go check out the full recap and outlook article below!