September 12, 2023, 3:23 pm EDT
Consolidation with Short-Term Weakness
Disappointments from Oracle (ORCL) -13% and Apple (AAPL) -3% dragged Nasdaq -1% much lower than S&P 500 -0.6% and Dow Jones index -0.1%. Overall stock markets are in a consolidation process since the peak made in July-August. Short-term bias tilted toward a little bit weak as we saw today.
Apple may not have enough attractions after introducing their new products so its outlook is dimmed. Globally, the sales slowdown and China blockage gave a cloudy sky for the coming holiday season for Apple.
Technically, all three major indexes are moving around their 20 & 50 day-moving-average lines. So, it gives us a neutral bias for the current state. These 20 & 50 lines are also used to determine the bias for short-term and medium term where we should get an objective picture of market conditions.
Energy is the only winning sector by making a nearly 52-week high area.
There are very few emerging stocks. Thus, it would be reasonable for trades and investors to stay on the sidelines until the new direction manifests itself.