Insiders Are Selling Shares of Large Companies![Daily Market Analysis By FXOpen in Fundamental_dGf7Aei Daily Market Analysis By FXOpen in Fundamental_dGf7Aei](https://i.imgur.com/dGf7Aei.png)
Yesterday, the S&P 500 stock index (US SPX 500 mini on FXOpen) set another historical high, closing near the 5650 level.
However, similar records are not observed on the charts of rally leaders from the first half of 2024 ? NVDA's price is 8.6% below its historical high, MSFT is 3.1% lower, and GOOGL is 2.6% below its record.
And this isn't the only cause for concern. Insider sales, as indicated by reports to the SEC, could add to anxieties. For instance:
→ Bezos sold over $900 million worth of AMZN shares;
→ Nvidia board member Mark Stevens continues to sell NVDA shares, as does company CEO Jensen Huang.
According to Goldman Sachs, fund managers have increased their long positions in US stock index futures to record levels.
And according to a July survey of fund managers conducted by Bank Of America:
→ Market sentiment remains bullish amid expectations of a Fed rate cut and a soft landing for the economy;
→ Geopolitics now pose the biggest risk to markets, followed by inflation.
If professional market participants foresee further growth in the stock index, it might not be driven by shares of large companies.
On June 27, we discussed the bullish "cup and handle" pattern near the $190 level on the AMZN price chart. Since then, bulls have shown the ability to push the price towards the psychological level of $200, but they have not managed to sustain this success.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOGDisclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.