Daily Chart Report ? Tuesday, August 2nd, 2022
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Today’s Summary
Tuesday, August 2nd, 2022
Indices: Russell 2000 -0.05% | Nasdaq 100 -0.30% | S&P 500 -0.67% | Dow -1.23%
Sectors: All 11 sectors closed lower. Communications led but still fell -0.16%. Real Estate lagged, dropping -1.32%.
Commodities: Crude Oil futures rose +0.56% to $94.42 per barrel. Gold futures inched higher by +0.11% to $1,790 per ounce.
Currencies: The US Dollar Index gained +0.89%.
Crypto: Bitcoin fell -0.83% to $23,085. Ethereum rose +0.91% to $1,646.
Interest Rates: The US 10-year Treasury yield reversed higher to 2.752%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Arun Chopra (@FusionptCapital). It’s a 15-min candlestick chart of AMTD Digital ($HKD) since its public debut on July 15th. The stock has gone parabolic, surging nearly 13,000% from $13 to $1,679 in less than a month. At one point today, this little-known company surpassed Facebook in market cap. It’s also suspicious that $HKD’s parent company, $AMTD, has a terrible track record underwriting IPOs. This reminds us of something that the legendary technician, Bob Farrell, once said – “Parabolic advances usually go further than you think, but they do not correct by going sideways.” In other words, this thing could continue higher in the short term, but once the momentum disappears, it will likely drop as fast as it rose.
Quote of the Day
“He who wishes to be rich in a day will be hanged in a year.”
– Leonardo da Vinci
Top Links
Recent Breakouts Could Contribute to a More Extended Relief Rally, Says Fairlead’s Stockton – CNBC
Katie Stockton shares her outlook on the S&P 500 and more.
Mixed Bag – Research by Potomac
Drew Wells analyzes all 11 sectors of the S&P 500.
Crude Oil Declines Into Important Price Support! – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of Crude Oil.
The Price of Admission – A Wealth of Common Sense
Ben Carlson put this year’s volatility into perspective.
Top Tweets
You’re all caught up now. Thanks for reading!