Stock Market Today: Another Bull Market?

August 3, 2022, 11:50 pm EDT

Another Bull Market?

It is hard to believe but the bull’s market came back to life for some areas like Nasdaq-100 (QQQ) +20% and consumer discretionary sector (XLY) +23% from June’s low. Does it mean the bull market is coming again and bears are over?

Based on the technical analysis point of view, it is true that bulls are back in certain places. However, there are still many problems like inflation (CPI, PPI), rising rates, and geopolitical uncertainties (Russia-Ukraine, US-China) are yet to be resolved. Therefore, we consider this rally is simply a technical rebound not a bull’s market. 

Specifically, China exercised military drills surrounding Taiwan after Nancy Pelosi visit needs attention. 

Overall, the stock market behaved strongly in the past seven weeks so we also need to keep our eyes open on the potential leaders like AAPL, AMZN, etc.

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