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Today’s Summary
Wednesday, August 23, 2023
Indices: Nasdaq 100 +1.60% | S&P 500 +1.10% | Russell 2000 +1.04%Â | Dow +0.54%
Sectors: 10 of the 11 sectors closed higher. Technology led by a wide margin, gaining +2.80%. Consumer Staples was the only sector that closed lower, falling -1.17%.
Commodities: Crude Oil futures fell -0.94% to $78.89 per barrel. Gold futures rose +1.15% to $1,948 per oz.
Currencies: The US Dollar Index fell -0.23% to $103.37.
Crypto: Bitcoin gained +1.76% to $26,500. Ethereum rose +2.78% to $1,680.
Interest Rates: The US 10-year Treasury yield dropped to 4.198%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
#NVDA, 4hr
So much hate for NVDA on this platform.
NVDA doesn’t care. pic.twitter.com/8vk9SIzYJx
— Yuriy Matso (@yuriymatso) August 23, 2023
Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso). The market has been waiting all week to hear from the hero of the AI narrative, Nvidia ($NVDA). The stock has been in the spotlight since its last earnings report in May, where it surged +24% and broke out to record highs. Before that report, we had said $NVDA could rally to $495, but we never thought it’d get here so fast. It closed higher by +3.17% today, and it’s currently trading at record highs after hours, up another +6%. If this positive reaction holds, it will be a massive victory for the Bulls. While $NVDA is nowhere near as large as $AAPL or $MSFT, it’s still the fourth largest stock in the S&P 500 and the Nasdaq.
Quote of the Day
“Software is eating the world,
but AI is going to eat software.”
– Jensen Huang
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
Semiconductors ETF (SMH) Nearing Critical Inflection Point! – Kimble Charting Solutions
Chris Kimble examines the outlook for Semiconductor stocks as $SMH tests support.
Stock Market Analysis August 23 2023 – AlphaTrends
Brian Shanon breaks down recent price action and lays out some key levels to watch in the near term.
Signal Says These 9 Stocks Have Room to Run – Schaeffer’s Investment Research
Rocky White points out that stocks that double in the first 8-months of the year tend to see continued momentum in the remainder of the year.
The Great and Awful Thing About These Interest Rates – The Irrelevant Investor
Michael Batnick weighs the negatives and positives of higher rates.
Top Tweets
Daily Mkt Mood: Risk-On
1. Stocks rally 1%+
2 good close near the highs
2. Tech leads
3. Yields in (bullish for now)
4. Commodities upNice up day for stocks ahead of $NVDA and now for good reason on another monster Q/guide.
NDX 2023 uptrend is holding this week, now SPX needs…
— Abigail Doolittle (@TheChartress) August 23, 2023
That's one of the more symmetrical trips below and back to a 50-day moving average you'll ever see, with the post-close Nvidia-powered pop in Nasdaq 100 futures. Cute… pic.twitter.com/hpnmqLx0e6
— Michael Santoli (@michaelsantoli) August 23, 2023
Broad Dow Jones Composite Average trying to make a stand near logical area. pic.twitter.com/B5niSr69YB
— Chris Ciovacco (@CiovaccoCapital) August 23, 2023
Seasonality is a negative for technology between now and mid-October. For what its worth, tech industry insiders are not exactly panicking – in fact, insider buying is up and selling is down. Make of it what you will. @sentimentrader pic.twitter.com/BJ9ekEHe9r
— Jay Kaeppel (@jaykaeppel) August 23, 2023
$XLC Communications ETF
retaking those short-term Moving Averages
~ 50% of this ETF is $META $GOOGL, both strong pic.twitter.com/RrtQeKLw77
— Christian Fromhertz 🇺🇸 (@cfromhertz) August 23, 2023
The Ten Year $TNX down big today ahead of Jackson Hole pic.twitter.com/V1I7Q9ecVd
— Jack (@alphacharts365) August 23, 2023
So far, so good. $tlt pic.twitter.com/R4L3ZsK1HT
— Steve Deppe, CMT (@SJD10304) August 23, 2023
Is $TLT worth a punt at current price levels?
What if the 10/30Yr T/Note Yields reject current price levels instead of breaking out higher? $TYX $TNX
What would that mean for the bond market…. pic.twitter.com/MjfYMjzWI7
— Sam McCallum (@Honeystocks1) August 23, 2023
Stocks tied to AI have outperformed the S&P 500 by **62 percentage points** YTD –Goldman pic.twitter.com/wA7DUK9puv
— Gunjan Banerji (@GunjanJS) August 23, 2023
Nvidia $NVDA explodes north of $500 per share after announcing earnings pic.twitter.com/e6s642bJcO
— Barchart (@Barchart) August 23, 2023
Reporter hack:
Add "ahead of Nvidia results" to everything you write, whether it's related or not.
"Gold rallies 1% ahead of Nvidia results"
"Global PMIs plummet ahead of Nvidia results"
"Russian plane crashes ahead of Nvidia results" https://t.co/N4uGfJq7Yh— Matt Weller CFA, CMT (@MWellerFX) August 23, 2023