Daily Chart Report ? Friday, August 19th, 2022
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Today’s Summary
Friday, August 19th, 2022
Indices: Dow -0.86% | S&P 500 -1.29% | Nasdaq 100 -1.95% | Russell 2000 -2.17%
Sectors: Health Care was the only sector that closed higher, gaining +0.27%. Consumer Discretionary lagged, dropping -2.06%.
Commodities: Crude Oil futures rose +0.37% to $90.44 per barrel. Gold futures fell -0.62% to $1,760 per ounce.
Currencies: The US Dollar Index rose +0.57%.
Crypto: Bitcoin dropped -9.26% to $21,053. Ethereum tumbled -11.96% to $1,627.
Interest Rates: The US 10-year Treasury yield rose to 2.976%.
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 Yuiry Matso (@yuriymatso). The S&P 500 flirted with its 200-day moving average this week, but it was rejected. As we mentioned on Tuesday, there were several different reasons why this was a logical level to see some pause. This little pullback is perfectly normal at this point, considering we surged 17% in just two months. However, the S&P 500 needs to hold above the June highs around 4200. A break below the June highs would constitute a failed breakout or bull trap as Yuriy calls it. You know what they say about failed breakouts..."from failed moves come fast moves in the opposite direction." Keep an eye on how price behaves around that level next week!
Quote of the Day
"There is no black-and-white situation.
It's all part of life. Highs, lows, middles."
- Van Morrison
Trendlines Over Headlines
https://youtu.be/cAu2VGr9LDs
In this week's episode of Trendlines Over Headlines, Willie Delwiche joins us to make sense of the current market environment. He shares his thoughts on Breadth, Momentum, Sentiment, and more!
Top Links
Two Reasons the Bulls Should be Smiling - Carson Group
Ryan Detrick highlights some bullish developments to be aware of.
Quantifying the Battle for the 200-day – It's Elementary - StockCharts
Art Hill suggests using a 5-day moving average in conjunction with the 200-day moving average to reduce whipsaws.
Is Risk Appetite on Board? - All Star Charts
Steve Strazza takes a look at an important risk ratio - Consumer Discretionary vs. Consumer Staples.
Semiconductors ETF (SMH) Trading Near Fibonacci Inflection Point - Kimble Charting Solutions
Chris Kimble points out that the Semiconductor ETF is testing a confluence of two different key Fibonacci levels.
Top Tweets
You’re all caught up now. Thanks for reading!