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Today’s Summary
Wednesday, August 9, 2023
Indices: Dow -0.54% | S&P 500 -0.70% | Russell 2000 -0.85% | Nasdaq -1.12%
Sectors: 4 of the 11 sectors closed higher. Energy led, rising +1.26%. Tech lagged, falling -1.29%.
Commodities: Crude Oil futures rose +1.78% to an eight-month high of $84.40 per barrel. Gold futures fell -0.47% to $1,951 per oz.
Currencies: The US Dollar Index was little changed (-0.05%) at $102.49.
Crypto: Bitcoin fell -0.56% to $29,596. Ethereum was unchanged at $1,856.
Interest Rates: The US 10-year Treasury yield fell to 4.016%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Higher lows and…higher highs on emotional volume pic.twitter.com/cdYvsdYnjx
— conradseric, CMT, CAIA, CEFA (@conradseric) August 9, 2023
Today’s Chart of the Day was shared by Eric Conrads (@conradseric). Natty Gas is heating up along with the rest of the Energy space. Today was its best day since June, rising +6.55% to a five-month high. It dropped like a rock at the beginning of the year before reaching a low in April. Conrad points out that it’s been trending higher all Summer, and today’s breakout occurred on the highest volume in over a year. It’s currently testing resistance, around $3.00, which was created by the false breakout back in March. Clearing $3.00 would open the door for a potential rally to the October lows, around $5.00.
Quote of the Day
“Commodities tend to zig when the equity markets zag.”
– Jim Rodgers
Trendlines > Headlines
The latest episode of Trendlines over Headlines is out!
This week, Sam Ro joins us to discuss markets, news, the economy, and more!
Sam is a prominent financial journalist and editor of the 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
Right on Time – Trading Adventures
Andy Moss takes a mid-week look at the major indices.
This is Overhead Supply – All Star Charts
JC Parets points out that stocks are pulling back at logical levels of overhead supply.
The S&P 500 Snapped a Key Streak — Now What? – Schaeffer’s Investment Research
Rocky White examines how the S&P 500 has historically performed after 47 trading days without a -1% pullback.
Even When the Stock Market Goes Up it Still Goes Down – A Wealth of Common Sense
Ben Carlson shows that even strong years for the S&P 500 feature corrections of -10% or more.
Top Tweets
Daily Mkt Mood: Risk-Off
1. Stocks close near lows
2. Bearish reversal of sorts
3. Tech leads the way down
4. Bonds, dollar not involved
5. Commodities rallyFelt like stocks might turn up mid-pm until suddenly $SPX $NDX sank in the final hour near lows.
Maybe CPI nerves.
— Abigail Doolittle (@TheChartress) August 9, 2023
Reminder #4,836
Do not trust rally attempts when the 5 day moving average (orange) is declining$SPY $QQQ $IWM $SMH pic.twitter.com/h23r3XJWzE
— Brian Shannon, CMT (@alphatrends) August 9, 2023
NASDAQ 100 closed below its 50d moving average for first time since March
[Past performance is no guarantee of future results] pic.twitter.com/XLUl0DX06K— Liz Ann Sonders (@LizAnnSonders) August 9, 2023
Seems to me either breadth needs to improve or $SPX might have room to go lower. Not a recommendation. pic.twitter.com/cXCqAIYiZn
— Jim Carroll (@vixologist) August 9, 2023
Confirmed close below big levels in the Q's.
Seeing what $XLK has done over the last 2 weeks with a similar looking chart doesn't give me much confidence in anything "techy" and "growthy".
How do you see it? $QQQ $SPY $SPX pic.twitter.com/1Cb3OS6vSP
— Sam McCallum (@Honeystocks1) August 9, 2023
$AAPL – The feelings of shorting the largest company in the world and being right are probably euphoric.
It's just not a battle I'm willing to fight. pic.twitter.com/wYjjxPgwSa
— Larry Thompson (@HostileCharts) August 9, 2023
$XLE +1.3% to make a new 60 day relative high vs $SPX, vs $XLK -1.3% for a 52 day relative low: pic.twitter.com/j6RBeBR1LB
— Optuma (@Optuma) August 9, 2023
Natty Gas is breaking out. $NG_F $UNG pic.twitter.com/QH8JLn9tU7
— Ian Culley (@IanCulley) August 9, 2023
Crude Oil reaches its highest level in eight months👀 pic.twitter.com/jBD3M6tig7
— Alfonso Depablos (@AlfCharts) August 9, 2023
$USO pic.twitter.com/E8BHS10BSG
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) August 9, 2023
Huge base in Interest Rates? Or Double Top? pic.twitter.com/Y3n9ZAPour
— J.C. Parets (@allstarcharts) August 9, 2023
Rice soaring to highest price in 15 years!! Guess we're going back to lentils. pic.twitter.com/hNnDluNEfJ
— Barchart (@Barchart) August 9, 2023