Daily Chart Report ? Tuesday, August 16th, 2022
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Today’s Summary
Tuesday, August 16th, 2022
Indices: Dow +0.71% | S&P 500 +0.19% | Russell 2000 -0.04% | Nasdaq 100 -0.23%
Sectors: 7 of the 11 sectors closed higher. Consumer Staples led, gaining +1.13%. Real Estate lagged, falling -0.39%.
Commodities: Crude Oil futures dropped -3.22% to $86.53 per barrel. Gold futures fell -0.47% to $1,790 per ounce.
Currencies: The US Dollar Index was flat.
Crypto: Bitcoin fell -1.01% to $23,867. Ethereum dropped -1.42% to $1,874.
Interest Rates: The US 10-year Treasury yield rose to 2.806%.
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 Brian Joyce (@Nasdaqbjoyce). The S&P 500 is up 17.41% from the June lows however, Brian points out that the next 2% of upside could get tricky. Between 4,288 - 4,367 you have:
1.) The 200-day moving average
2.) The 61.8% Fibonacci retracement
3.) The downtrend line from the peak
4.) The neckline from the head & shoulders pattern
Whether you're into moving averages, Fibonacci, trendlines, or chart patterns, you have just about every technical reason to expect the rally to at least pause here.
Quote of the Day
"Take responsibility for your mistakes-- actually feel the loss-- don't try to avoid it. Feel bad and understand why it happened. Then, you can reduce the odds of it creeping into future decisions."
- Denise K. Shull
Top Links
Bespoke looks at the best-performing stocks in the S&P 1500 since the June low.
Apple & Microsoft's Influence on the Market - CNBC
In this clip, Todd Sohn of Strategas Research discusses the massive influence that Apple and Microsoft have over the S&P 500.
Financials: Trouble with the Curve - Research by Potomac
Dan Russo does a deep dive into the Financial sector.
Year 3 of a Bull Market - All Star Charts
JC Parets compares the rally off the 2020 lows, to some of the major bottoms in stock market history.
Top Tweets
You’re all caught up now. Thanks for reading!