Daily Chart Report ? Thursday, August 11th, 2022
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Today’s Summary
Thursday, August 11th, 2022
Indices: Russell 2000 +0.31% | Dow +0.08% | S&P 500 -0.07% | Nasdaq 100 -0.65%
Sectors: 5 of the 11 sectors closed higher. Energy led by a wide margin, gaining +3.44%. Health Care lagged falling -0.65%.
Commodities: Crude Oil futures rose +2.62% to $94.34 per barrel. Gold futures fell -0.36% to $1,807 per ounce.
Currencies: The US Dollar Index slipped -0.10%.
Crypto: Bitcoin was flat and continues to trade around $23,963. Ethereum rose +1.27% to $1,878.
Interest Rates: The US 10-year Treasury yield rose to 2.889%.
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 Alfonso Depablos (@AlfCharts). It’s a chart of the Russell 2000 over the past year. The Russell 2000 has bounced nearly 20% off its June lows, but Alfonso points out that it’s running into a confluence of resistance around $199. This level represents both the 200-day moving average and the VWAP anchored to the all-time high. As Alfonso points out, this would be a logical place to see some pause or consolidation. Small-Caps often lead the broader market higher or lower, so keep an eye on how this test plays out in the near term.
Quote of the Day
“The one thing I’ve learned about markets over time is that they tend to train you to ignore something and then humiliate you once you figure it doesn’t matter.”
– Stanley Druckenmiller
Top Links
Do You Buy This Rally? – Bloomberg
Todd Sohn of Strategas Research shares his thoughts on the current market environment.
IWC: Micro Caps Outperform as Meme Stock Make a Comeback – SeekingAlpha
Mike Zaccardi takes a look at Micro-Cap stocks and the return of “meme stock mania”
Normalizing Sentiment – Bespoke
Bespoke breaks down the results of this week’s AAII Sentiment Survey.
A New Bull Market? – PFT Trading
Greg Rieben examines the current state of the market.
U.S. Stock Market About to Recieve Key Message From Fibonacci Level – Kimble Charting Solutions
Chris Kimble points out that several of the major indices are testing the 38.2% retracements of their declines.
Top Tweets
You’re all caught up now. Thanks for reading!