{"id":5154,"date":"2024-08-12T08:41:37","date_gmt":"2024-08-12T08:41:37","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=5154"},"modified":"2025-05-14T09:34:45","modified_gmt":"2025-05-14T09:34:45","slug":"market-crash-aug-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/opening-bell\/market-crash-aug-2024\/","title":{"rendered":"Market Crash Over or Just the Calm Before the Storm?"},"content":{"rendered":"\n<p>Panic spread throughout the markets as the unemployment rate and Sahm Rule flashed early signals of a recession. This data comes from the Bureau of Labor Statistics as of July 31, 2024 &#8211; showing that the Sahm Rule has been activated (a cross of the dotted line).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"498\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/Sahm-rule-bureau-1024x498.jpg\" alt=\"\" class=\"wp-image-5157\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/Sahm-rule-bureau-1024x498.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/Sahm-rule-bureau-300x146.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/Sahm-rule-bureau-768x374.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/Sahm-rule-bureau.jpg 1503w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Source: Bureau of Labor Statistics, JP Morgan<\/p>\n\n\n\n<p>As a result of the warning signs, the S&amp;P 500 (US500) and Nasdaq 100 (USTEC) have both declined by over 8% over the course of two weeks. With economic uncertainty looming in the market, investors and traders are waiting for the CPI and PPI data release on Wednesday, August 14th, 2024.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">PPI and CPI Data Coming Tuesday and Wednesday<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Date<\/strong><\/td><td><strong>Data<\/strong><\/td><td><strong>Forecast<\/strong><\/td><td><strong>Previous<\/strong><\/td><\/tr><tr><td rowspan=\"2\">Aug 12 (Tues)<\/td><td>Core PPI m\/m<\/td><td>0.2%<\/td><td>0.4%<\/td><\/tr><tr><td>PPI m\/m<\/td><td>0.2%<\/td><td>0.4%<\/td><\/tr><tr><td rowspan=\"3\">Aug 13 (Wed)<\/td><td>Core CPI m\/m<\/td><td>0.2%<\/td><td>0.1%<\/td><\/tr><tr><td>CPI m\/m<\/td><td>0.2%<\/td><td>-0.1%<\/td><\/tr><tr><td>CPI y\/y<\/td><td>3.0%<\/td><td>3.0%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>As markets are generally forward looking, watch for any surprises on these data releases to anticipate volatility on the upcoming days. A higher than forecasted PPI and CPI reading will strengthen the dollar, leading to bearish pressure on the markets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P 500 Technical Analysis<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"694\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/spx-24.08.12-1024x694.jpg\" alt=\"\" class=\"wp-image-5161\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/spx-24.08.12-1024x694.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/spx-24.08.12-300x203.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/spx-24.08.12-768x520.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/spx-24.08.12-1536x1041.jpg 1536w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/spx-24.08.12.jpg 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Throughout its entire rise from October 2023 to July 2024, the S&amp;P 500 has been finding support on the 20-Day EMA 200. Currently, it has broken down from this key EMA support, and also the major trendline support \u2013 flipping it into a resistance zone.<\/p>\n\n\n\n<p><strong>These levels should act as resistance:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>20\/50 Daily EMA at $5,400<\/li>\n<\/ul>\n\n\n\n<p><strong>These levels should act as support:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Point of Control at $5,245<\/li>\n\n\n\n<li>Pivot Low and Psychological Level at $5,000<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Nasdaq 100 Technical Analysis<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"694\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/ustec-24.08.12-1024x694.jpg\" alt=\"\" class=\"wp-image-5159\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/ustec-24.08.12-1024x694.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/ustec-24.08.12-300x203.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/ustec-24.08.12-768x520.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/ustec-24.08.12-1536x1041.jpg 1536w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/ustec-24.08.12.jpg 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Nasdaq 100 (USTEC) has fallen by over 15% from its all-time highs at $20,772, but has since seen a strong bounce on last Thursday with a <a href=\"https:\/\/alchemymarkets.com\/education\/candlesticks\/bullish-engulfing\/\">bullish engulfing candle<\/a>.<\/p>\n\n\n\n<p>With this bounce, the Nasdaq has reclaimed its point of control (largest volume node), and is quickly approaching a descending trendline formed from the all-time high.<\/p>\n\n\n\n<p><strong>These levels should act as resistance:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>50 Daily EMA and Large Volume Node at $19,105.28<\/li>\n\n\n\n<li>100 Daily EMA (Coincides with Daily Trendline) at $18,783.56<\/li>\n<\/ul>\n\n\n\n<p><strong>These levels should act as support:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Point of Control at $18,152.12<\/li>\n\n\n\n<li>200 Daily EMA (Coincides with a Previous Consolidation Area) at $17,896.36<\/li>\n\n\n\n<li>Pivot Low and Psychological Level at $17,000.00<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p><strong>You may also be interested in:<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/crude-oil-brief-high-before-spilling\/\">Crude Oil Elliott Wave: A Brief High Before It Takes a Spill<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/weekly-outlook\/rbnz-holds-steady-while-bitcoin-struggles-to-find-its-moon-boots\/\">RBNZ Holds Steady While Bitcoin Struggles to Find It\u2019s Moon Boots<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unemployment and the Sahm Rule warn of recession as S&amp;P 500 and Nasdaq 100 face some turbulence. Is this a brief dip or a sign of a deeper decline?<\/p>\n","protected":false},"author":159,"featured_media":5155,"parent":0,"comment_status":"closed","ping_status":"closed","template":"","market_insights_categories":[17],"class_list":["post-5154","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-opening-bell"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market Crash Over or Just the Calm Before the Storm? - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Unemployment and the Sahm Rule warn of recession as S&amp;P 500 and Nasdaq face turbulence. 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