VTI - Roth MKM sees signs that the market is starting to potentially roll over
2023-08-14 09:43:28 ET
Roth MKM argued on Monday that the U.S. equity market has started to experience a minor pullback after touching overbought levels, with August seasonal factors also playing a role.
"We can see new 52-w highs on the S&P 500 are slowly declining, while new lows have started to leisurely expand," the firm stated, although it contended that it's a little early to call for anything more than a basic correction.
From a global perspective, Roth MKM still views the market as bullish and highlighted a key technical level regarding the NYSE World Leaders index.
"Viewing stocks around the globe continues to show a bull market that is intact. The NYSE World Leaders index recent broke out to new 52-week high. Breakouts often pull back to test the breakout point for new support. It will be important for this chart to hold support for those bullish on global equities," the firm noted.
See the chart below Roth MKM put together.
For investors looking to track the global markets, they can look to watch the price action of the Vanguard Total Stock Market Index Fund ETF Shares ( NYSEARCA: VTI ). For reference VTI is the fourth largest ETF from an asset under management stance with over $315B under its belt. Moreover, the fund provides exposure to 3,861 names and comes attached with a 0.03% expense ratio.
More on Markets:
- 4 stocks to watch on Monday: Hawaiian Electric, Embraer and more
- Student loan repayments to start up in October - Will it spark a recession?
- Goldman now expects first Fed rate cut in second quarter 2024
For further details see:
Roth MKM sees signs that the market is starting to potentially roll over