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“A government big enough to give you everything you want is a government big enough to take from you everything you have.” – Gerald Ford
Labor Day is supposed to mark the unofficial end to summer and the time when people return to work from Summer vacations, but the second trading day of the holiday-shortened week is looking like another quiet one. Futures are indicated lower following a weak session in Europe, but here in the US, the only economic report on the calendar today is the JOLTS report, which is expected to show slightly more than 10 million job openings. In earnings news, the only reports of note are Lululemon (LULU), RH, and Gamestop (GME).
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After Tuesday’s mixed start to the week, the technical picture for the major US indices remains mixed.
In the small-cap space, the Russell 2000 remains stuck in its range. After bouncing for a fourth time right around the $210 level, IWM has taken a pause in the last few days as it tries to digest its late August gains. If you’re bullish on small caps going forward, you’ll really want to see IWM quickly break the string of lower highs.
The Nasdaq 100 (QQQ) was the star of the show yesterday as it managed to eke out gains on an otherwise weak day for equities. With the recent upside, QQQ has become a bit extended as it breaks above its uptrend. The setup for the S&P 500 looks similar to the Nasdaq 100, but unlike QQQ, SPY stalled out just as it bumped up against that trendline resistance.
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