Daily Chart Report ? Thursday, August 18th, 2022
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Today’s Summary
Thursday, August 18th, 2022
Indices: Russell 2000 +0.68% | Nasdaq 100 +0.26% | S&P 500 +0.23% | Dow +0.06%
Sectors: 7 of the 11 sectors closed higher. Energy led by a wide margin, gaining +2.69%. Real Estate lagged, dropping -0.68%.
Commodities: Crude Oil futures rose +2.12% to $88.11 per barrel. Gold futures fell -0.25% to $1,772 per ounce.
Currencies: The US Dollar Index rose +0.78%.
Crypto: Bitcoin inched higher by +0.23% to $23,396. Ethereum rose +2.03% to $1,872.
Interest Rates: The US 10-year Treasury yield inched lower to to 2.886%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by David Keller (@DKellerCMT). From top to bottom you have, Ethereum, the S&P 500, and a ratio of Ethereum vs. Bitcoin. David points out that the Ethereum vs. Bitcoin ratio continues to closely track the S&P 500. Why is this Crypto ratio moving in tandem with the S&P 500?... Who knows for sure, but one could argue that Ethereum is one of the more risky/volatile assets, even more so than Bitcoin. So, if it's outperforming, we're probably in an environment where market participants want to take on more risk. Regardless of why these two are moving together, it's worth paying attention to as long as this relationship exists. It's especially useful given that Crypto markets are open 24/7, which means we can look at Crypto at night and over the weekends to get an idea of what Stocks might do when they open.
Quote of the Day
"The market pendulum is a punishing mechanism."
- Frank Cappelleri
Top Links
Bulls Set a New High - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Key Consumer Strength Indicator Investors Should Watch - Schaeffer's Investment Research
Rocky White examines what the Discretionary vs. Staples ratio ($XLY/$XLP) could tell us about the broader market.
Apple & Utilities are Rallying - Risk On? - PFT Trading
Greg Rieben points out that Apple and Utilities are leading right now.
September Almanac: Only 4 NASDAQ Wins in Last 12 Midterm Septembers - Almanac Trader
Jeff Hirsch takes a look at how the major indices have historically performed in September.
Top Tweets
You’re all caught up now. Thanks for reading!