August 10, 2026

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Market Overview

Fresh buying demand enters the bull market.


The stock market turned broadly upward last week following short-term consolidations and corrections in June and July.

The worst fears of the majority of bears of July failed to materialize, so sideline capital held by pessimistic investors became fuel for fresh buying demand in August.

We continue to advise staying focused on the strongest stocks in the ongoing bullish primary long-term trend of the broad U.S. stock market.


Technology ETF (XLK) rose above its 50-day SMA on 8/4/2026, signaling a renewed bullish uptrend. The main trend remains bullish as long as the 50-day SMA stays above the 200-day SMA. Look for resistance near 182 and 198. Support sits around the recent lows above 166 and 156-160. Fundamentally, there is no evidence of a slowdown in demand for technology. Overinvestment concerns that have been persistent since the June peaks appear to be easing following very strong earnings reports.


*See The Colby Global Markets Report (click here) for our complete analysis of global markets and specific investment rankings.



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