Public Service Enterprise Group is a combination electric and gas utility holding company, with regulated operations serving a large part of New Jersey and part of Long Island, as well as nonregulated operations serving electricity markets in the Mid-Atlantic and Northeast. It has two principal direct operating subsidiaries: PSE&G (a regulated utility) and nonregulated PSEG Power (nuclear, solar and wind-powered electric generating operations). The company also wholly owns PSEG Energy Holding LLC, PSEG Long Island LLC, and PSEG Services Corp. The company has 2.4 million electric customers and 1.9 million gas customers. It is included in the S&P 500 index.

The stock market tried its best to rally on July 29, but with major EPS reports, a Fed decision, and an employment report looming, higher prices attracted sellers and the major indices finished flat. The market will either continue lower in the near term or the pullback will end and new highs are just around the corner. We would bet on the former, as there is no indication from the recent price action of the S&P 500, Nasdaq, and Nasdaq 100 that the selling is over. While the tech-heavy indices, industries, and mega caps have worked off overbought momentum conditions on a daily and weekly basis, we have not yet cycled into oversold territory on a daily basis. Do we have to? Absolutely not -- but it probably would be healthy. The last time Technology indices/stocks were oversold on a daily basis was on April 19 -- but just barely, with the 14-day relative strength index reaching 30. The last time tech was oversold on a weekly basis was in mid-2022 -- and prior to that, during the pandemic. Long-term relative strength leadership rarely cycles into oversold territory on a weekly or monthly basis except during mega meltdowns and crashes. So there is a smell of panic in Technology land as the 'can't miss' semiconductor stocks are stinking it up. But at least the money fleeing those stocks is being moved into other areas of the market. The NYSE, Dow Jones Industrials, the S&P 500 equal weight, the S&P MidCap 400, the Russell 2000, and the S&P Small Cap 600 continue to catch a bid -- with most remaining near all-time highs. As of this writing, the iShares Semiconductor ETF (SOXX $220.58) has cratered almost 17% over the 14 sessions, its largest decline in that time period since June 2022 (which was during a tough bear market for Information Technology). There is a cluster of support near $200, which includes the last low in April, trendline support off the lows since October 2022, and a 38.2% retracement of the bull market. Distribution days on the Nasdaq 100 (QQQ) and the SOXX continue to add up as we count seven on both ETFs over the past 14 days.

Public Service Enterprise Group is the holding company for a regulated utility (PSE&G) and other nonregulated businesses such as nuclear power generation and clean energy projects. PSE&G provides regulated gas and electricity delivery services in New Jersey to a combined 4.2 million customers. Public Service Enterprise Group also operates the Long Island Power Authority system. In 2022, the company sold its gas and oil power plants in the mid-Atlantic, New York, and the Northeast.

Public Service Enterprise Group is a combination electric and gas utility holding company, with regulated operations serving a large part of New Jersey and part of Long Island, as well as nonregulated operations serving electricity markets in the Mid-Atlantic and Northeast. It has two principal direct operating subsidiaries: PSE&G (a regulated utility) and nonregulated PSEG Power (nuclear, solar and wind-powered electric generating operations). The company also wholly owns PSEG Energy Holding LLC, PSEG Long Island LLC, and PSEG Services Corp. The company has 2.4 million electric customers and 1.9 million gas customers. It is included in the S&P 500 index.