Powered By:
Todayās Summary
Tuesday, August 8, 2023
Indices:Ā S&P 500Ā -0.42%Ā | DowĀ -0.45%Ā | Russell 2000Ā -0.59%Ā | NasdaqĀ -0.87%
Sectors: 3 of the 11 sectors closed higher. Health Care led, risingĀ +0.77%. Materials lagged, fallingĀ -1.06%.
Commodities: Crude Oil futures roseĀ +1.20%Ā to $82.92 per barrel. Gold futures fellĀ -0.51%Ā to $1,960 per oz.
Currencies: The US Dollar Index roseĀ +0.46%Ā to $102.54.
Crypto: Bitcoin gainedĀ +2.00%Ā to $29,764. Ethereum roseĀ +1.58%Ā to $1,856.
Interest Rates: The US 10-year Treasury yield dropped to 4.026%.
Here areĀ the best charts, articles, and ideas shared on the web today!
Chart of the Day
$XLE buyers came in on the PB to the 20-sma. Near HOD. pic.twitter.com/jPcQZPbBYQ
— Larry Tentarelli, Blue Chip Daily (@LMT978) August 8, 2023
Todayās Chart of the Day was shared by Larry Tentarelli (@LMT978). Energy ($XLE) was one of the weakest sectors in the year’s first half. However, itās currently upĀ +7.5%Ā in the second half and leading by a wide margin. $XLE was downĀ -2.2%Ā this morning, but Larry points out that buyers showed up at the 20-day moving average. It closed on the highs of the day, upĀ +0.49%Ā overall. The Energy sector looks ready to resume its long-term uptrend as itās on the verge of new six-month highs. While it has struggled over the past year, Energy has been the clear leader in the post-Covid era. Over the past three years, $XLE is upĀ +170%. Thatās 3x the second-best sector (TechĀ +54%) and nearly 5x the S&P 500 (+34%).
Quote of the Day
āNever mistake knowledge for wisdom. One helps you make a living; the other helps you make a life.ā
-Eleanor Roosevelt
Trendlines > Headlines
The latest episode of Trendlines over Headlines is out!
This week,Ā Sam RoĀ joins us to discuss markets, news, the economy, and more!
Sam is a prominent financial journalist and editor of theĀ TKer, a newsletter geared toward long-term investors.
Before launching TKer, Sam worked at some of the largest financial media outlets, including Forbes, Business Insider, Yahoo Finance, Axios, and more!
Top Links
RRG Finds Three Strong Stocks in the Materials Sector – StockCharts.com
Julius de Kempenaer highlights the strength in the Materials sector.
Is Stock Market Armageddon Imminent? – The Weekly Grind
Sam McCallum shares some key charts to watch in the near term.
Trader Keep Piling into Natural Gas Futures – Thrasher Analytics
Andrew Thrasher examines positioning within Gas futures.
Stocks We’re Watching Today | The Morning Show – Stock Market TV
We joinedĀ The Morning ShowĀ earlier today to discuss the major trends and themes across the markets.
Top Tweets
$QQQ Hammer candle off March low trendzone support and the 50 SMA is a hopeful look for the bulls heading into tomorrow. ā pic.twitter.com/giLtaOpV29
— TrendSpider (@TrendSpider) August 8, 2023
#seasonality $SPX #SPX SPX Pre-election year seasonal update. pic.twitter.com/4YJ8gE5R3Q
— Nautilus Research (@NautilusCap) August 8, 2023
Hey is anyone taking this seriously? The $RSP outside day on October 13th got respect like no other technical signal in recent history. What about July 27th? pic.twitter.com/ENfCPEnHrp
— Brett Villaume, CMT, CAIA (@brettvillaume) August 8, 2023
$XLE strong like bull intraday pic.twitter.com/lTJi1LtHYB
— Mike Zaccardi, CFA, CMT š (@MikeZaccardi) August 8, 2023
The Energy markets are getting a lot of airtime with every technical analyst and their dog on top of the rotation from technology stocks.
A resolution higher from these 9 month bases in the oil markets are needed to have high conviction in new positions.$XLE $XOP $CL_F pic.twitter.com/OY7gr9xurQ
— Sam McCallum (@Honeystocks1) August 8, 2023
Utilities got a shot in the back half of the year? pic.twitter.com/QalX2zTXOp
— J.C. Parets (@allstarcharts) August 8, 2023
kind of fun that 20-year Treasuries have consistently yielded more than 30-year Treasuries since being reintroduced in 2020 pic.twitter.com/IyxJ42WHpV
— Katie Greifeld (@kgreifeld) August 8, 2023
Short duration vehicles too hard to pass up right now with income + low volatility. Shoutout to @kgreifeld @elonmusk for the added content here. pic.twitter.com/ViqkPXOScY
— Todd Sohn (@Todd_Sohn) August 8, 2023
Lots of "bubble talk" š«§
Please keep in mind.
– Tech weight in S&P 500 today: 27%
– Peak of tech bubble: 34%
– Not a bubble.– 689D Delta of Tech weight in 2000: 21%
– Today: 0%
– Not a bubble.If tech move defies your thesis, assigning "bubble" does not make it right.
š pic.twitter.com/tpeqIF7wc3
— Matt Cerminaro (@mattcerminaro) August 8, 2023
The smooth brain has to be close to imploding pic.twitter.com/GI2MYR61ac
— Arun S. Chopra CFA CMTš§ (@FusionptCapital) August 8, 2023