Daily Chart Report ? Monday, August 8th, 2022
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Today’s Summary
Monday, August 8th, 2022
Indices: Russell 2000 +1.01% | Dow +0.09% | S&P 500 -0.12% | Nasdaq 100 -0.37%
Sectors: 7 of the 11 sectors closed higher. Real Estate led, gaining +0.73%. Tech lagged, falling -0.85%.
Commodities: Crude Oil futures rose +1.97% to $90.76 per barrel. Gold futures gained +0.78% to $1,805 per ounce.
Currencies: The US Dollar Index fell -0.19%.
Crypto: Bitcoin rose +2.72% to $23,818. Ethereum gained +3.71% to $1,764.
Interest Rates: The US 10-year Treasury yield fell to 2.761%.
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 Andrew Adams (@DayTraderGator). The S&P 500 was up as much as 1% this morning, but it reversed lower and closed slightly negative. Andrew points out that today’s reversal occurred right at the 30-week moving average. Stan Weinstein was famous for using the 30-week moving average in his strategy, Stage Analysis. You can read more about Stage Analysis here, but it essentially categorizes the market into four distinct phases. When the market is below a downward sloping 30-week moving average like this, it’s considered to be in Stage 4, which is the most devastating of all four stages. As Andrew notes, caution is warranted as long as the S&P 500 is below its declining 30-week moving average.
Quote of the Day
“Take the oath that you are never going to buy another stock in Stage 4…or hold onto any of your stocks once they move into Stage 4.”
– Stan Weinstein
Top Links
SPY 420: Higher High or Burnout – Bespoke
Bespoke points out that 420 continues to be a major battleground for SPY.
Bear Market Rally? or New Up Trend – Andrew Thrasher
Andrew Thrasher takes a closer look at bear market rallies that retrace 50% of their decline.
Bounce or Bottom? – The Weekly Trend
In this podcast, Ian McMillan and Kevin Firari discuss some of the most noteworthy technical trends across the markets.
Peak Inflation? – Means to a Trend
Austin Harrison looks at commodities and inflation.
Trendlines Over Headlines with Special Guest, Ryan Detrick – The Chart Report
In case you missed it, catch up on the latest episode of Trendlines Over Headlines. In this week’s episode, Ryan Detrick of Carson Group joins us to talk Seasonality, the 4-Year Presidential Cycle, and more!
Top Tweets
You’re all caught up now. Thanks for reading!