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Todayโs Summary
Friday, August 25, 2023
Indices: Nasdaq +0.85% | Dow +0.73% | S&P 500 +0.67%ย | Russell 2000 +0.40%
Sectors: All 11 sectors closed higher. Consumer Discretionary led, gaining +1.12%. Communications lagged, but still inched higher by +0.11%.
Commodities: Crude Oil futures rose +0.99% to $79.83 per barrel. Gold futures fellย -0.37% to $1,940 per oz.
Currencies: The US Dollar Index rose +0.19% to $104.19, it’s highest in nearly three months.
Crypto: Bitcoin fell -0.46% to $26,048. Ethereum fell –0.47% to $1,653.
Interest Rates: The US 10-year Treasury yield was flat at 4.239%.
Here areย the best charts, articles, and ideas shared on the web today!
Chart of the Day
Small caps IWM in an ascending triangle flirting with the 200 weeks moving average ๐ pic.twitter.com/s5F1ammd1h
— conradseric, CMT, CAIA, CEFA (@conradseric) August 25, 2023
Todayโs Chart of the Day was shared by Eric Conrads (@conradseric). The Russell 2000 ($IWM) closed lower for the fourth straight week but formed a doji candle as it fell justย -0.35%. The other major indices have trended higher in recent months by making higher highs and higher lows. Those uptrends remain intact even with the recent pullback. However, $IWM continues to be trendless and rangebound between $170 and $197. It’s made higher lows but has yet to achieve higher highs. Conrad points out that it’s forming an ascending triangle pattern after flirting with the 200-week moving average for over a year. If the Russell 2000 ever breaks out, breadth would likely improve dramatically, but it’s fumbled every opportunity it’s had.
Quote of the Day
โBoth optimists and pessimists contribute to society. The optimist invents the aeroplane, the pessimist the parachute.โ
โ George Bernard Shaw
Trendlines > Headlines
Check out the latest episode of Trendlines over Headlines!
This week, Market Wizard John Netto joins us to discuss the current market environment and his approach to trading.
Top Links
Cash Piling Up on the Sidelines – LPL Financial Research
Adam Turnquist looks at how investors are positioned.
Stocks Are Stuck. Deal With It. – All Star Charts
JC Parets shows that some of the most important industry groups are struggling with levels of overhead supply.
Nvidiaโs Stock (NVDA) Reaches Fibonacci Price Target. Breakout or Stall Out? – Kimble Charting Solutions
Chris Kimble shows that Nividia ($NVDA) is testing resistance at a key Fibonacci level.
Waiting on Silver – Grindstone Intelligence
Austin Harrison examines the outlook for precious metals.
Top Tweets
Weekly $SPX update: signs of stabilizing after a 3 week pullback. 4340 is a decent near-term support to keep an eye on. pic.twitter.com/OHEX9ft3Qt
— Michael Turvey (@MikeTurvey_TDA) August 25, 2023
$SPY Inside week for the S&P 500 with price sticking to the $440 high volume node
Weekly MACD crosses down for the first time since March. ๐ pic.twitter.com/g7QWQ5ohm1
— TrendSpider (@TrendSpider) August 25, 2023
$SPX with two consecutive weekly closes below the 10-week moving average. pic.twitter.com/FOI676PIgZ
— Brian Bond (@BrianBond) August 25, 2023
The S&P 500 hasn't declined by 2% or more for 129 consecutive trading days, the longest streak since October 2018 pic.twitter.com/hGv5jK0aco
— Barchart (@Barchart) August 25, 2023
$TNX – Fat Lady Ain't Singing. pic.twitter.com/nGaYiTeKzQ
— Larry Thompson (@HostileCharts) August 25, 2023
The risk reward on bonds is insane here if we make a double bottom here in $TLT. Not a trend fighter myself, but it looks tempting. pic.twitter.com/7S7a8UKLfR
— Michael Nauss, CMT, CAIA ๐จ๐ฆ (@MichaelNaussCMT) August 25, 2023
You can find charts like this within our weekly ETF Navigator report, published each Wednesday. We focused on fixed income ETFs this week, including this chart for the iShares 20+ Treasury Bond ETF (TLT) which is trending lower, but is now intermediate-term oversold and looksโฆ pic.twitter.com/UAF4FsBzFu
— Katie Stockton, CMT (@StocktonKatie) August 25, 2023
US Dollar Index RSI > 70. First time since September 2022. Is this the start or the end? pic.twitter.com/Ge7Dfg2akJ
— Louis Spector, CMT (@EastCoastCharts) August 25, 2023
You can bet some crude oil traders tossed their keyboards today. https://t.co/yv3Z2LlhY9 pic.twitter.com/mStYS3nTQG
— Patrick Rooney (@patrickrooney) August 25, 2023
$AMC just had the lowest daily & weekly close of all-time.
Nature is healing. pic.twitter.com/K1dFwjBFE4
— Caleb Franzen (@CalebFranzen) August 25, 2023