Market saw recovery in stocks, but bounce may have peaked, caution advised.

From Investing.com: 2024-08-12 04:02:11

The market saw a recovery in stocks after a previous downturn, with strategists at BTG warning that the bounce may have peaked, advising investors to lighten exposure around the S&P 500’s 5400-5440 range.

BTIG notes that market sentiment is mixed, with positive put/call ratios but elevated NAAIM exposure index levels, especially in the wake of last week’s market turbulence.

Consumer stocks are weak, while defensive sectors are holding strong. BTIG remains positive on REITs, cautious on homebuilders, and advises caution on small-cap stocks until resistance levels are surpassed.

Gold is poised for a breakout, as the GLD ETF consolidates around the $225 level.



Read more at Investing.com: Bulk of the bounce is done, durable market bottom still ahead By Investing.com