Daily Chart Report ? Tuesday, August 23rd, 2022
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Today’s Summary
Tuesday, August 23rd, 2022
Indices: Russell 2000 +0.18% | Nasdaq 100 -0.07% | S&P 500 -0.22% | Dow -0.47%
Sectors: 4 of the 11 sectors closed higher. Energy led by a wide margin gaining +3.61%. Real Estate lagged, falling -1.51%.
Commodities: Crude Oil futures rose +3.74% $93.74 per barrel. Gold futures gained +0.73% to $1,761 per ounce.
Currencies: The US Dollar Index fell -0.41%.
Crypto: Bitcoin gained +0.64% to $21,547. Ethereum gained +2.55% to $1,667.
Interest Rates: The US 10-year Treasury yield rose to 3.050%.
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 Mike Singleton (@InvictusMacro). It's a chart of the Energy sector ETF, $XLE, over the past 12 years. The Energy sector just reclaimed a crucial level around $79-80. This level has acted as resistance for the majority of the past decade. It's bullish to see $XLE back above this line in the sand, especially after the 30% correction it had earlier this summer. However, Mike points out there is a lot of price memory around this level, which could take some time to work through. In addition, RSI is diverging negatively, suggesting the trend is losing momentum. Is the multi-year breakout back on the table? Or, will this level continue to be a problem for $XLE?
Quote of the Day
"Avoid big losses. That’s the way to really make money over the years.”
- Julian Robertson
Top Links
Price Momentum Consistent with Peak Inflation, Says Rennaissance Macro's Jeff DeGraaf - CNBC
In this clip, Jeff deGraaf of Rennaissance Macro Research offers his perspective on breadth, momentum and more.
What's on the Radar? | Who Charted? - Research by Potomac
In this video, Dan Russo and Drew Wells highlight noteworthy six charts in six minutes.
The King Dollar - HoneyStocks Charting
Sam McCallum looks at the breakout in the US Dollar.
Are Market-Leading Semiconductors Reversing Lower Once Again? - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the Semiconductor ETF, $SMH.
Top Tweets
You’re all caught up now. Thanks for reading!