Market Summary 21/7/2023

Market Summary

Today, the markets quietly marked the start of the weekend, with little fluctuation in the general markets and minimal outsized moves in individual stocks. Most of the primary indexes commenced positively but witnessed a sell-off, a typical pattern of markets adopting a more corrective stance. Despite the subdued activity, there was a continued trend of net highs on both the Nasdaq and NYSE composites.

In recent weeks, markets have demonstrated a robust upward trajectory, and it is customary for stocks to experience a period of stagnation. Technical analysts frequently posit that stocks can adjust in terms of time or price, which suggests that prices could either retract or remain static for an extended period. The more favorable outcome would be a sideways consolidation. However, the critical aspect is to sustain net highs as markets ease off the throttle.