Market Summary 12th August

Market summary 12/8/2023

The stock market had a rough end to the week. A key player, the QQQ, dropped by 0.64% just in one day and 1.56% over the week. When compared to the S&P 500, the QQQ hasn't been keeping up since March. On the Nasdaq, where many tech companies are, there were more lows than highs for five straight days. Plus, only 34 new stocks showed good performance, which isn't what you'd see in a strong market. A big tech company called NVDA dropped below its 10-week average by a significant amount. Similarly, a smaller tech company, SMCI, also went below its 10-week average.

To put it simply, the Nasdaq is facing challenges. This is happening during a part of the year when stocks usually don't perform their best. I feel some stocks might try to recover a bit next week, especially since the ARKK ETF has been down for nine days straight. But looking at all the info, I'm playing it safe. Jumping into a market that's uncertain can lead to bigger losses if things keep going south.