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Todayโs Summary
Monday, August 21, 2023
Indices: Nasdaq 100 +1.65% | S&P 500 +0.69% | Dow -0.11% | Russell 2000 -0.18%
Sectors: 5 of the 11 sectors closed higher. Tech led, rising +1.91%. Real Estate lagged, falling -0.86%.
Commodities: Crude Oil futures fell -0.67% to $80.12 per barrel. Gold futures rose +0.34% to $1,923 per oz.
Currencies: The US Dollar Index fell -0.10% to $103.33.
Crypto: Bitcoin inched lower by -0.26% to $26,125. Ethereum fell -1.07% to $1,667.
Interest Rates: The US 10-year Treasury yield rose to a 16-year high of 4.342%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Tech bouncing right at support the past two days, but XLK will need to reclaim $175 for it to mean much pic.twitter.com/g3IP9PjlFA
— Scott Brown, CMT (@scottcharts) August 21, 2023
Todayโs Chart of the Day was shared by Scott Brown (@scottcharts). Tech ($XLK) was the strongest sector last week, and it led again today. You wouldnโt expect to see tech leadership with yields breaking out to their highest in over a decade. Itโs only been a week, but consensus and conventional wisdom suggest higher yields are bad for Growth/Tech stocks. Meanwhile, Tech is acting like it never got the memo. Itโs still too early to tell if Tech is trying to tell us something, but Scott points out that the sector is facing a crucial test this week at the March 2022 highs (around $163). $XLK is solidly above $163 after todayโs bounce, but where it ends the week will likely hinge on $NVDA, as the company releases earnings on Wednesday evening.
Quote of the Day
โWhenever you find the key to the market, they change the locks.โ
โ Lucien Hooper
Trendlines > Headlines
Check out the latest episode of Trendlines over Headlines!
This week, Ari Wald, Head of Technical Analysis at Oppenheimer, joins us to dissect the recent pullback. We discuss:
The S&P 500, Tech, Energy, Real Estate, Yields, The Dollar, Sentiment, and more!
Top Links
Apple Hits Big Oversold Levels, Now What? โ The Reformed Broker
Josh Brown looks at $AAPLโs recent correction.
The Biggest Question I Have Right Now โ All Star Charts
JC Parets looks at the breakout in US Treasury yields.
Have U.S. Bond Yields Began A New Long-Term Trend Higher? โ Kimble Charting Solutions
Chris Kimble looks at yields from a long-term perspective.
Leaders and Losers โ Industry Trends โ Grindstone Intelligence
Ausstin Harrison highlights some of the leading and lagging industry groups.
Friday Night Lights โ The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the major technical developments across the markets.
Top Tweets
$NVDA up a $TGT today pic.twitter.com/SHeupLARQc
— Mike Zaccardi, CFA, CMT ๐ (@MikeZaccardi) August 21, 2023
$COMP $NASDAQ on the daily chart with a Morning Star candlestick pattern.
This is a bullish trend reversal pattern that typically occurs at market bottoms.
The Nasdaq has seen almost a 9% drawdown from the highs over this past month.
Could this be a possible reversal? pic.twitter.com/9MBATn76N2
— Rachel Dashiell, CMT, CFP (@Dash_charts) August 21, 2023
What an absolute monster! Nvidia $NVDA recaptures its 20D and 50D moving averages in one trading day, and is now approaching all-time highs. pic.twitter.com/sSeSlFKpso
— Barchart (@Barchart) August 21, 2023
$XLK
clean hold at the 100-sma on Friday, back up with $NVDA $PANW today. $NVDA ER on Weds going to be key here. pic.twitter.com/rWRWZCqUcJ— Larry Tentarelli, Blue Chip Daily (@LMT978) August 21, 2023
The Dow Jones with a hammer inside the pivot zone retest$DJI $DIA pic.twitter.com/QhRxws5lp2
— Matthew Timpane, CMT (@mtimpane) August 21, 2023
$SPX bounces off previous support / resistance level around 4325. The Breadth Thrust indiator (10 day EMA of Adv/(Adv+Dec) is still in the red zone after falling < 40 on Aug 4th, and will stay so until reaches 55: pic.twitter.com/jyTuTgvzau
— Optuma (@Optuma) August 22, 2023
From the July 31 high for $SPY, it's down almost 5% but $TLT is down more than 7%. If this comes as a surprise, you are not paying attention. pic.twitter.com/AEdA3GJ2a9
— Jim Carroll (@vixologist) August 21, 2023
TLT retest underway pic.twitter.com/rPpy36x7oV
— Mark Ungewitter (@mark_ungewitter) August 21, 2023
Another new post-2011 high for 30-year Treasury yields. pic.twitter.com/ElAxthMB2W
— Lisa Abramowicz (@lisaabramowicz1) August 21, 2023
16 year high in the 10 yr yield buy moar $NVDA pic.twitter.com/7qnuWpnPE8
— Tom Hearden (@followtheh) August 21, 2023
I dunno, a 10-year breakout in the 10-year yield doesn't seem like the most bearish thing.
The S&P 500 was higher six months later every time.
Didn't work so well from 1870-1920 but then again most of the country was still pooping in the woods at the time, so. pic.twitter.com/uNztfB1HXl
— Jason Goepfert (@jasongoepfert) August 21, 2023