US Stock Market Today [2024.08.08]: Key Trends and Analysis for S&P 500 and It’s Sectors, Stocks to Watch Today Including AAPL, GOOG, MSFT, TSLA, and NVDA

Hi, welcome to our US stock market today article series.

We will use a top-down approach in our analysis. First, we will analyze the overall market, focusing on the S&P 500. Then, we will analyze each sector one by one for their price action performance so we can trade stocks in those sectors with confidence. Finally, we will look at some stocks to watch today.

Economic Events Today

These events include important news that could impact the stock market, macroeconomic reports, and economic indicators. For more details, you can check the bloomberg calendar & yahoo finance.

• There are no significant economic events today that might impact the stock market.

Stocks with Earnings to Watch:

These are large-cap stocks with a market capitalization of over 2 billion dollars. We don’t cover anything smaller here. For those, you can check finviz.

These links will take you to Yahoo Finance pages for specific tickers. There, you can learn more about the stocks and decide if they’re worth watching today.

S&P 500 Market Analysis for Today

The S&P 500 is trending down, with the price pulling back and continuing its downtrend. There is support around the 510 level and major support around 495. If the price breaks below 510, it may drop to 495. If it breaks below 495, the market will likely continue to go down. However, there’s also a chance the price could reverse from either the 510 or 495 levels and start going up. Watch for both reversals and breakouts at these levels. Overall, the market is bearish.

Consumer Staples Sector(XLP):

Consumer staples are consolidating around the resistance level of 79. The price has broken above this level a few times but then pulled back inside. Now, we can expect the price to drop to the support level of 77 and either pull back up or break below and continue going down. Also, watch for the price breaking above 80. If that happens, the price is going bullish.

Energy Sector(XLE):

The energy sector is trending down, with the price pulling back from the 89 level and continuing its downtrend. The price is now around the 87 support level, with another support at 85.5. If the price breaks below 87, it could drop to 85.5. If it breaks below 85.5, the price will likely keep dropping. However, a reversal is also possible at these levels, so watch for both reversals and breakouts.

Materials Sector(XLB):

The materials sector is consolidating and trending down on the 1-hour chart. The price is now below the 88 support level, with the next support around 86. We might see a pullback or reversal at these levels, and the price could start to go back up. However, if the price breaks below 86, it may continue to drop in value.

Industrial Sector(XLI):

Looking at the industrials sector, it is also consolidating. The price pulled up from the major support level at 120, went to the 124 resistance, and is now heading back toward 120. If the price breaks below 120, it may continue dropping, starting a downtrend. However, since 120 is a major support, the price might reverse. So, watch for both breakouts and reversals around the 120 level.

Consumer Discretionary Sector(XLY):

The consumer discretionary sector is trending down, and the price is at the major support level of 170. The price already broke below this level once and then went back up, and now it’s at this level again. If the price breaks below 170, it’s a strong bearish signal. Watch for breakouts. On the other hand, the price could also start to go up from this support level, so expect possible reversals too.

Healthcare Sector(XLV):

Looking at the healthcare sector, it’s trending down. The price is below the support, now resistance, at 147, with the next support around 143. We can expect the price to continue down to 143 before pulling back. If it breaks below 143, the price will keep dropping. Watch for the price breaking above 148.

Financials Sector(XLF):

The financial sector is also trending down. The price pulled back from the major support at 40.50, went up to 42.50, and is now dropping again. If the price drops to 40.50 and breaks below that level, the downtrend will likely continue. However, the price could also reverse around that level.

Technology Sector(XLK):

The technology sector (XLK) is trending down. The price dropped to major support around 190, then pulled back to resistance at 206. Now, it’s starting to drop again. If the price breaks below 190, the downtrend will likely continue, but it could also reverse. Watch for both breakouts and reversals around this level.

Communications Sector(XLC):

The communication sector is also trending down. The price pulled back and is now continuing its downtrend from the 85 resistance range. If the price breaks below the support around 81, we can expect it to drop to the 78 level. However, the price could also reverse from the 81 or 78 levels, so watch out.

Utility Sector(XLU):

The utilities sector is trending up and seems to be the only sector performing well. The price is now at the support level of 73. If it breaks below this level, we can expect it to drop to the next support levels around 72 and 70. However, if the price goes up and breaks above the resistance at 76, we can expect it to continue increasing in value.

Real Estate Sector(XLRE):

The real estate sector is also in an uptrend, with the price trading between 40.50 and 42.50. The price is currently pulling back from the 42.50 resistance. If the price drops to 40.50 and breaks below 40, we can expect it to start dropping. However, since it’s in an uptrend, the price is more likely to reverse and go back up to the resistance, possibly breaking above it and continuing to rise.

Stocks to Watch Today

Nvidia(NVDA):

NVIDIA is also trending down, with the price currently near the support level at 98. If the price breaks below this level, the next support level is around 85. However, if the price holds above 98 and starts to move up, it could aim for the resistance around 120. Monitor the 98 and 85 levels for possible movements in either direction.

Tesla(TSLA):

Tesla is experiencing a downward trend, recently pulling back from the resistance around 260. The price is currently near the support level at 190. If it breaks below this level, the next support is around 160. However, if the price holds above 190 and reverses, it could attempt to break past the resistance levels. Watch for both potential reversals and breakouts around the 190 level.

Microsoft(MSFT):

Microsoft’s stock is trending down, with the price pulling back from the resistance around 410. The price is now near the support level of 390. If it breaks below 390, the next support level is around 370. However, if the price manages to hold above 390 and reverse, it could retest the resistance levels. Keep an eye on the 390 and 370 levels for possible movements.

Google(GOOG):

Alphabet’s stock has been trending down, currently sitting around the 160 support level. The previous support at 160 has now turned into a resistance level. If the price breaks below this support, the next major level to watch is around 150. However, if the price holds above 160 and starts to move up, it could attempt to break past the resistance around 180. Monitor these levels closely for potential breakouts or reversals.

Apple(AAPL):

Apple is experiencing significant volatility. The price recently pulled back from the high resistance around 230 and is now consolidating near the 210 level. The major support level lies around 180. If the price breaks below 210, we might see a further drop towards the 180 support level. However, if the price manages to stay above 210 and moves past the recent resistance, a bullish trend could resume. Watch for breakouts or reversals around these critical levels.

Conclusion & Disclaimer

Please provide your feedback on how we can improve this article. Thank you!

We discussed these sectors and markets because when the entire market or sector goes through certain movements, most of the stocks within that market will also experience similar movements. So, by understanding what the market is doing, you can conduct your own analysis on specific stocks.

These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing price action market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

GOOD LUCK✌!!!