Daily Chart Report ? Friday, August 23rd, 2019
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Today’s Summary
Friday, August 23rd, 2019
Indices: US stocks fell in today's session with the Dow Jones Industrial Average dropping 623 points or 2.37%. The S&P 500 and Nasdaq fell 2.59% and 3.00% respectively.
Sectors: All 11 sectors were lower by more than 1%. Utilities led, but still slipped 1.06%. Energy lagged, falling 3.35%.
Commodities: Crude Oil futures dropped 2.03% to $54.16 per barrel. Gold futures surged 1.93% to a multi-year high of $1,538 per ounce.
Currencies: The US Dollar Index had its worst day in over a year, tumbling 0.92%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.533%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Michael Antonelli (@BullandBaird) The chart shows the daily percentage change for the S&P 500 index, over the past six months. The chart emphasizes how volatile the month of August has been. So far, there have been nine days this month where the S&P 500 moved more than +/- 1%. This price action feels especially turbulent coming off a quiet month in July where the index only moved +/- 1% once, and it was the last day of the month. This should come as no surprise to folks who study stock market seasonality, as August has historically been one of the rockiest months of the year.
Quote of The Day
“If you don't follow the stock market, you are missing some amazing drama.”
Top Links
Under the Big Top - Dana Lyons
Using Fibonacci analysis, Dana Lyons lays out some important levels to watch on the S&P 500 index.
Bearish Divergences Similar to 2000 and 2007 in Play Again - Kimble Charting Solutions
Chris Kimble takes a look at a long-term chart of the S&P 500 and cautions that the chart has formed a bearish momentum divergence similar to the ones formed in 2000 and 2007.
Choose Software Stocks Over Semiconductor Stocks - CNBC
Technical Analyst, Mark Newton tells viewers to be selective within the Technology sector. He says he prefers the Enterprise Software industry group over Semiconductor Stocks.
The One Chart: Banking on Breadth - StockCharts.com
In this piece, David Keller of StockCharts.com examines market breadth by comparing the cumulative advance-decline lines of Small-caps, Mid-caps, and Large-caps.
Crude Oil's Descending Triangle - Bespoke
Here's a short note from Bespoke where they take a look at the technical outlook for Crude Oil. They point out that price has formed a descending triangle pattern and they think it could head lower to test support around $50 per barrel.
Top 10 Tweets
You’re all caught up now. Thanks for reading!