In this weekend’s edition of “Protect Your Portfolio,” Stephen Whiteside of TheUpTrend.com reviews the market performance for August and provides insights for the first trading week of September. The S&P 500 saw a 2% gain in August, with the safety sectors like consumer staples, real estate, and utilities showing strength. However, marijuana stocks and oil and gas equipment stocks declined by over 12%. Whiteside also discusses the Canadian market’s modest gains, with real estate and financial stocks performing well while clean technology and base metals lagged.
Looking ahead, Whiteside notes that while there are no immediate warning signs, resistance levels are proving challenging to break. He advises caution, particularly against investing new money into the market at this time, due to elevated risk and the historical pattern of market peaks in September. He also highlights the importance of monitoring the VIX for signs of increasing volatility, especially as the market enters the typically turbulent September-October period.
Stephen Whiteside
TheUpTrend.com
Monday, September 2, 2024
Canadian stock market timing service
