Sponsored By:
Today’s Summary
Tuesday, August 23rd, 2022
Indices: Russell 2000 +0.18% | Nasdaq 100 -0.07% | S&P 500 -0.22% | Dow -0.47%
Sectors: 4 of the 11 sectors closed higher. Energy led by a wide margin gaining +3.61%. Real Estate lagged, falling -1.51%.
Commodities: Crude Oil futures rose +3.74% $93.74 per barrel. Gold futures gained +0.73% to $1,761 per ounce.
Currencies: The US Dollar Index fell -0.41%.
Crypto: Bitcoin gained +0.64% to $21,547. Ethereum gained +2.55% to $1,667.
Interest Rates: The US 10-year Treasury yield rose to 3.050%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Which is it?
a) Breakout above a decade+ worth of resistance?
b) Fading momentum into a *zone* with lots of price history$XLE pic.twitter.com/Iun9RNq9WF
— Mike Singleton, CFA (@InvictusMacro) August 23, 2022
Today’s Chart of the Day was shared by Mike Singleton (@InvictusMacro). It’s a chart of the Energy sector ETF, $XLE, over the past 12 years. The Energy sector just reclaimed a crucial level around $79-80. This level has acted as resistance for the majority of the past decade. It’s bullish to see $XLE back above this line in the sand, especially after the 30% correction it had earlier this summer. However, Mike points out there is a lot of price memory around this level, which could take some time to work through. In addition, RSI is diverging negatively, suggesting the trend is losing momentum. Is the multi-year breakout back on the table? Or, will this level continue to be a problem for $XLE?
Quote of the Day
“Avoid big losses. That’s the way to really make money over the years.”
– Julian Robertson
Top Links
Price Momentum Consistent with Peak Inflation, Says Rennaissance Macro’s Jeff DeGraaf – CNBC
In this clip, Jeff deGraaf of Rennaissance Macro Research offers his perspective on breadth, momentum and more.
What’s on the Radar? | Who Charted? – Research by Potomac
In this video, Dan Russo and Drew Wells highlight noteworthy six charts in six minutes.
The King Dollar – HoneyStocks Charting
Sam McCallum looks at the breakout in the US Dollar.
Are Market-Leading Semiconductors Reversing Lower Once Again? – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the Semiconductor ETF, $SMH.
Top Tweets
Lightest volume day of the year for the Nasdaq Composite. pic.twitter.com/OPl1eiXnUr
— Joseph Fahmy (@jfahmy) August 23, 2022
zzzzzzzzzzz………… pic.twitter.com/Hz4UShMDAx
— Linda Raschke (@LindaRaschke) August 23, 2022
lol everyone having fun in this mess? pic.twitter.com/M2tnyn4NMs
— bostoncharts (@bostonchaahhts) August 23, 2022
S&P 500 advance/decline line made a new all-time high last wk.
Rare to see this happen w S&P 500 >10% away from ATHs, but history says new highs could be coming.
Here are recent times it went at least 4 mos without new highs.
Up a yr later 7 out of 7 times and up 15.6% on avg pic.twitter.com/AILQICqSkD
— Ryan Detrick, CMT (@RyanDetrick) August 23, 2022
Let's give the stock-market surge some historical perspective: If this is a new cyclical bull market, and not merely a bear-market rally, it looks middle-of-the-road in terms of its duration and magnitude. pic.twitter.com/NAL21lw1V5
— Jurrien Timmer (@TimmerFidelity) August 23, 2022
$SPX < 4180 is large concern to me. Failed Aug b/o now, & < decl 8 & 21 ema…no sign of turn back up in PMO yet. Defense should be primary focus imho. pic.twitter.com/EXI8PjuuK1
— Mountain View Trading (@DanWiserMtnView) August 23, 2022
The U.S. Dollar – REEEEEJECTED!! (at least for now…) pic.twitter.com/SoDODBcZhP
— Jay Kaeppel (@jaykaeppel) August 23, 2022
Biggest selling VOLUME since November 2010 in UUP…
Right at the test of its July high.
Double top? pic.twitter.com/gSCbT9dbtu— conradseric, CMT, CAIA, CEFA (@conradseric) August 23, 2022
First close in crude oil above the 20-day moving average since June. pic.twitter.com/H7iL8BczHC
— Andrew Thrasher, CMT (@AndrewThrasher) August 23, 2022
Natural Gas prices rise to their highest levels since 2008, quadrupling over the last two years. This is the largest source of electricity generation (38%) and home heating (60%) in the US, costs that many Americans cannot do without. pic.twitter.com/ica85k6GIo
— Charlie Bilello (@charliebilello) August 23, 2022
You’re all caught up now. Thanks for reading!