Daily Chart Report ? Monday, August 15th, 2022
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Today’s Summary
Monday, August 15th, 2022
Indices: Nasdaq 100 +0.75% | Dow +0.45% | S&P 500 +0.40% | Russell 2000 +0.23%
Sectors: 8 of the 11 sectors closed higher. Consumer Staples led, gaining +0.99%. Energy lagged by a wide margin, falling -1.95%.
Commodities: Crude Oil futures moved lower by -2.91% to $89.41 per barrel. Gold futures dropped -0.96% to $1,798 per ounce.
Currencies: The US Dollar Index gained +0.77%.
Crypto: Bitcoin fell -1.97% to $23,841. Ethereum dropped -2.83% to $1,885.
Interest Rates: The US 10-year Treasury yield fell to 2.790%.
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 Ryan Detrick (@RyanDetrick). Ryan points out that we just got another rare, but bullish breadth thrust last week. As of Friday, over 90% of S&P 500 stocks were above their 50-day moving average. Breadth thrusts, like these, are a sign of broadening participation and momentum. They often occur in the early innings of a new cyclical advance. It's even more constructive that we've gotten several different thrusts in recent weeks. Just a couple of weeks ago, we got the "deGraaf Breadth Thrust." The fact that we've seen a handful of these signals occur within a few weeks of each other increases the likelihood that a new bull market is being born.
Quote of the Day
"Markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names."
- Bob Farrell
Top Links
S&P 500 Reaches Extreme Overbought Levels - Bespoke
Bespoke points out that the S&P 500 closed two standard deviations above its 50-day moving average on Friday.
Weekly S&P500 ChartStorm - 14 August 2022 - Topdown Charts
Callum Thomas highlights 10 noteworthy charts from the past week.
Not Out of the Woods Yet - Means to a Trend
Austin Harrison takes a look at the recent improvement in breadth.
Trendlines Over Headlines with Special Guest, JC Parets - The Chart Report
In case you missed it, check out the latest episode of Trendlines Over Headlines where JC Parets of All Star Charts joins us to make sense of the current market environment.
Top Tweets
You’re all caught up now. Thanks for reading!