Chris Versace Sees Buying Opportunities in SPX Amid Iran, Fed Volatility

• Market opens lower in September due to geopolitical tensions (US-Iran) and rising oil/gas prices.
• Fed is likely to deliver a rate hike in September, but August PMI and JOLTS data will be critical for confirmation.
• 10-year yield could reach 5%; S&P 500's 50-day and 200-day moving averages are key support levels for potential buying opportunities.
• Apple's upcoming product event and new CEO John Ternus (a 'product guy') present a chance to reshape the company, with cautious optimism.
• Favored sectors include tech (chips, networking, AI data center infrastructure like Eaton) and non-cyclicals (Boeing, Paccar, healthcare, robotics), with a strategy to buy on weakness.

Chris Versace expresses caution for September trading due to geopolitical risks and rising energy prices, but sees potential buying opportunities. He anticipates a Fed rate hike in September based on current inflation data, while closely monitoring upcoming economic reports. Key technical levels for the S&P 500 and a leadership transition at Apple are also discussed, alongside favored tech and non-cyclical sectors.