We can see below that the selling at the close was spectacular. This is probably automatic algo selling to balance portfolio at the end of the Month. But anyway this is not positive going into the seasonally bearsih September.
The selling has now reached all the sections of the market, especially the tech/growth stocks.
Oil producers is the only sector that is doing fine here, but I also continue to point out to the buying activity in copper futures. Funds are clearly buying copper as depressed prices are very attractive here.
This move is still due to the Fed's expected rate increase on September 21 as everybody is continuously selling US Treasuries.
Conclusions:
Everything points to a test of the June lows, especially as we expect the Fed to push rates higher again on September 21. A market flush is possible in the coming days with a bounce the week of the FOMC announcement.
I will be a buyer when I see the NHNL flushing down to previous lows.
