The Jackson Hole conference of the Feds is still in sight, and investors are unsure as to whether or not the bear market rebound has ended.

When compared to the Dow (DJI), the S&P 500 (SP500) is down 0.1%, and the Nasdaq (COMP.IND) is up 0.1%.

The market has been under pressure since the S&P 500 was rejected at its 200-day moving average last week (the 200-day now stands at about 4,318).

As Guggenheim noted last week, energy and defensive stocks (utilities, consumer staples, etc.) are the only ones that have kept their gains above their 200-day moving averages.

The article states, “Additional growth-oriented sectors have led the bounce since June, but remain below that crucial technical level, signaling that more challenges might lie ahead for growth equities if the rise is not maintained.”

The current rally’s strongest pillar, outperforming growth stock sectors, has been hit hard by a high dollar.

According to Michael Brown of Caxton, “the dollar wrecking ball proceeded to smash anything in its path yesterday,” and markets opened the week in a strongly risk-off way.

Yields on both the 2-year and 10-year US Treasuries are falling; the 2-year yield is at 3.24%, and the 10-year yield is at 2.98%, a drop of 5 and 9 basis points, respectively. There is a 60% likelihood the Fed will raise rates by 75 basis points next month, according to the market.

Economists had predicted a reduction to a 575k annual pace for new house sales in July, while the actual number of homes sold was 12.6% lower at 511k.

UBS Chief Economist Paul Donovan blames “tighter policy, policy mistake, and decreased consumer cash flow” for the property market’s downturn. If falling house sales lead to higher rents, then inflation (but not the cost of living) may rise because of the increase in the “equivalent rent price” paid by the imaginary owners.  

Zoom is one of the most actively traded companies, but it has been falling as investors become more pessimistic about its future prospects.

Ronald Kaufman is a veteran analyst and researcher with an expertise in the fields of Pharma, Cyber, FoodTech and Blockchain. He has been published on entrepreneur.com, GuruFocus, Finextra Research and others. He is currently a researcher at the Future Markets Research Tank (FMRT), where he does deep-dive market analysis and research in a number of industries.

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