Daily Chart Report ? Monday, August 22nd, 2022
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Today’s Summary
Monday, August 22nd, 2022
Indices: Nasdaq 100 -2.66% | S&P 500 -2.14% | Russell 2000 -2.13% | Dow -1.91%
Sectors: All 11 sectors closed lower. Energy led, but still inched lower by -0.19%. Communications lagged, dropping -2.86%.
Commodities: Crude Oil futures were basically flat (-0.09%) at $90.36 per barrel. Gold futures fell for the sixth consecutive day, by -0.82% to $1,748 per ounce.
Currencies: The US Dollar Index rose +0.79% to a fresh 20-year high.
Crypto: Bitcoin fell -1.43% to $21,209. Ethereum dropped -1.82% to $1,588.
Interest Rates: The US 10-year Treasury yield rose to 3.018%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Scott Brown (@scottcharts). It’s a daily candlestick chart of the largest stock in the S&P 500 – Apple Inc. ($AAPL). Apple snapped a six-week winning streak last week, as it ran into trendline resistance from the prior peaks. Scott points out that it broke the rising channel that had been in place since the June lows. To make matters worse, the second largest stock, $MSFT, also broke down today. Together, $AAPL and $MSFT represent about 12% of the S&P 500, which is larger than the bottom three sectors combined (Materials, Utilities, and Real Estate). It’s going to be much harder for the S&P 500 to score points if its two best players are injured.
Quote of the Day
“It’s the repetition of affirmations that leads to belief. And once that belief becomes a deep conviction, things begin to happen.”
– Muhammad Ali
Top Links
The Only Things That Matter in Today’s Market – Means to a Trend
Austin Harrison highlights some of the most important developments to watch this week.
Dollar in Demand Means Domestic Domination – Bespoke
Bespoke takes a look at the relentless strength of the US Dollar and its impact on stocks.
Choose Your Factor! – Murphy Charts
Shane Murphy takes a look at index-based factor investing.
On Reaching 70 Years Old – Thoughts from Enjoy the Ride
Market Wizard, Tom Basso shares 16 nuggets of wisdom on trading and life.
Trendlines Over Headlines with Special Guest, Willie Delwiche – The Chart Report
In case you missed it, get caught up on the latest episode of Trendlines Over Headlines. In this week’s episode, Willie Delwiche shares his perspective on breadth, momentum, sentiment, and more.
Top Tweets
You’re all caught up now. Thanks for reading!