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STTG Market Recap August 29, 2014

A spike in the closing moments of the day helped cap off a strong August as the S&P 500 finished up 0.33% and the NASDAQ 0.50%. Volume was very light ahead of the holiday weekend. The Thomson Reuters/University of Michigan’s final take on consumer sentiment rose to 82.5 in August from 81.8 the month before. Consumer spending, which accounts for more than two-thirds of U.S. economic activity dipped 0.1 percent last month after rising 0.4 percent in June, the Commerce Department said. Economists had expected a 0.2 percent gain. We will return next week to some key economic reports – the two ISM reports and the monthly employment data.

The tiny pullback mid week helped us work off an extreme overbought condition and allowed the 10 day moving average to catch up to prices. Until we see a high volume pullback or some sort of parabolic rise that peters out and the NYSE McClellan Indicator staying negative for a sustained period it will be time to remain in bullish mode.

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