Daily Chart Report ? Thursday, August 4th, 2022
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Today’s Summary
Thursday, August 4th, 2022
Indices: Nasdaq 100 +0.44% | S&P 500 -0.08% | Russell 2000 -0.13% | Dow -0.26%
Sectors: 7 of the 11 sectors closed higher. Technology led, gaining +0.46%. Energy lagged by a wide margin, dropping -3.71%.
Commodities: Crude Oil futures dropped -3.15% to a six-month low of $87.80 per barrel. Gold futures gained +1.77% to $1,808 per ounce.
Currencies: The US Dollar Index dropped -0.58%.
Crypto: Bitcoin fell -1.33% to $22,531. Ethereum dropped -1.51% to $1,595.
Interest Rates: The US 10-year Treasury yield fell to 2.690%.
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 Ian McMillan (@the_chart_life). It's a chart of Crude Oil futures over the past year and a half. Ian points out that Crude Oil is breaking below support around $94. It had flirted with this level several times since February, but we've decisively sliced through it this week. Energy remains the best performing sector by a mile (+31% YTD), but Crude Oil weakness will likely put pressure on those gains. Just a few weeks ago, headlines warned of $380 Oil, but at this point, $80 seems like a much more realistic target.
Quote of the Day
“The man who asks a question is a fool for a minute, the man who does not ask is a fool for life.”
- Confucius
Top Links
Bulls Battle Bears at June Highs Resistance - Almanac Trader
Jeff Hirsch takes a look at recent price action in the S&P 500 and sentiment.
Bulls Back Above 30% - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Jerry Parker's Market Outlook - TD Ameritrade Network
In this clip, legendary trend follower, Jerry Parker shares his thoughts on the current market environment.
August Strategy Session: 3 Key Takeaways - All Star Charts
The team at All Star Charts highlights three important trends to watch in the coming weeks.
Top Tweets
You’re all caught up now. Thanks for reading!