McDonald’s Just Hit a New 52-Week Low. Don’t Buy the Dip Until After August 4.

Tech stocks drove the S&P 500’s nice bounceback yesterday, bringing the index’s three-day losing streak to an end. The 0.89% gain, however, wasn’t enough to produce a positive result over the past five trading days, down 0.44%.

As a result of the downward trend over the past five days, the new 52-week lows on the NYSE and the Nasdaq yesterday outnumbered the new 52-week highs, 191 to 134, a telltale sign that investors are worried about an escalation in the Middle East.