Daily Chart Report ? Friday, August 12th, 2022
Sponsored By:
Today’s Summary
Friday, August 12th, 2022
Indices: Russell 2000 +2.09% | Nasdaq 100 +2.06% | S&P 500 +1.73% | Dow +1.27%
Sectors: All 11 sectors closed higher. Consumer Discretionary, gaining +2.26%. Energy lagged but still rose +0.76%.
Commodities: Crude Oil futures dropped -2.38% to $92.09 per barrel. Gold futures gained +0.46% to $1,816 per ounce.
Currencies: The US Dollar Index rose +0.56%.
Crypto: Bitcoin gained +1.87% to $24,407. Ethereum rose +4.11% to $1,960.
Interest Rates: The US 10-year Treasury yield fell to 2.837%.
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 Mike Zaccardi (@MikeZaccardi). The S&P 500 closed higher for the fourth consecutive week, rising +3.26% to its highest level since May. At this point, the index is up +16.74% from its June low, however, it's still down -10.77% from its all-time high. This was a very constructive week for the S&P 500, considering we closed above the June highs and the 50% retracement. We're about 1% away from testing the 200-day moving average and about 2% away from testing the 61.8% Fibonacci retracement. Those will be the next upside objectives to watch in the near term.
Quote of the Day
“I will not lose, for even in defeat, there’s a valuable lesson learned, so it evens up for me.”
- Jay-Z
Trendlines Over Headlines
-Dnm1B6P0M
In this week's episode of Trendlines Over Headlines, JC Parets joins us to make sense of the current market environment. He weighs in on the S&P 500, the US Dollar, Crude Oil, Crypto, and more!
Top Links
Credit Markets Aren't Seeing a Monster Under the Bed: Strategist - Yahoo Finance
Ryan Detrick offers up some insightful stats about the current market environment.
S&P 500 on Pace for New Highs in 2023 - Fox Business
Ari Wald of Oppenheimer shares his thought on the S&P 500, Small-Caps, and Energy Stocks.
Is the CRB Commodity Index Peaking and Reversing Lower? - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of Commodities.
Commodities, Ya Dig? - All Star Charts
Ian Culley points out that several Commodities are testing important support levels.
Trader's Road Map to Profits - Traders Corner
If you're new to trading, check out this webinar tomorrow to learn some solid strategies from several seasoned traders.
Top Tweets
So this is like 7 steps ahead but for the multi-time framers, been watching the $Nikkei monthly chart for a few years.
Would be interesting if the move on the shorter frames ends up being the monthly flag move etc. pic.twitter.com/gObTUPjaXC
— Arun S. Chopra CFA CMT? (@FusionptCapital) August 12, 2022
You’re all caught up now. Thanks for reading!