Wendy Kirkland Market Watch

Bearish Open, Mixed Index Signals, and Strength Stages Still Holding

Wendy Kirkland Market Watch Aug 17, 2026

A quick look at what moved the market this morning and what the major indexes are signaling on the monthly charts.

This morning opened with a noticeably bearish tone across the major indexes. The S&P 500 started positive, turned negative, attempted to recover, and then pulled back again. The NASDAQ showed a similar pattern: bullish at the open, then drifting lower after a brief rebound attempt. The Dow and Russell also moved lower, with the Russell showing the sharpest weakness among the major groups discussed.

The Dow has continued to rise over the past several months, though it has pulled back slightly from its higher level earlier in the month. Even with that pullback, the monthly chart still appears to be holding in a strength stage. The Channel Commodity Index remains solidly green, and the PPO remains constructive, with the black line above the red line.

The NASDAQ has been recovering after pulling back from its prior all-time high. The monthly candle is showing improvement, and the PPO appears to be attempting a bounce rather than a breakdown. While the index has not yet fully reclaimed its previous high, the chart suggests it is working to regain momentum.

The S&P 500 remains very close to an all-time high. Its monthly indicators are still supportive, with the PPO sitting near the red line and potentially beginning to create separation. If strength continues to build, the index may have room to challenge its prior highs again.

Despite a bearish open and plenty of intraday back-and-forth, the bigger-picture monthly charts are still showing constructive strength-stage characteristics. The short-term tone is cautious, but the longer-term setups for the Dow, NASDAQ, and S&P 500 remain worth watching closely.

Wendy Kirkland Market Watch Aug 17, 2026