Daily Chart Report ? Thursday, August 25th, 2022
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Today’s Summary
Thursday, August 25th, 2022
Indices: Nasdaq 100 +1.75% | Russell 2000 +1.52% | S&P 500 +1.41% | Dow +0.98%
Sectors: All 11 sectors closed higher for the second day in a row. Materials led, gaining +2.27%. Consumer Staples lagged but still rose +0.46%.
Commodities: Crude Oil futures fell -2.50% to $92.52 per barrel. Gold futures rose +0.56%, to $1,771 per ounce.
Currencies: The US Dollar Index fell -0.17%.
Crypto: Bitcoin rose +0.80% $21,544. Ethereum gained +2.03% to $1,691.
Interest Rates: The US 10-year Treasury yield fell to 3.030%.
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 Alfonso Depablos (@AlfCharts). It’s a daily candlestick chart of Crude Oil futures over the past year. Crude Oil is back above a key level around $94.50. It broke below it earlier this month, but that move is beginning to look like a failed breakdown. As we know, failed breakdowns often lead to sharp moves higher. Alfonso points out that RSI never even reached oversold conditions, despite ‘correcting’ 30% this Summer. The inability to reach oversold conditions speaks to the strength of this trend. This is bad news for consumers at the pump, but good news for Energy stocks.
Quote of the Day
“When you really believe that trading is simply a probability game, concepts like right or wrong or win or lose no longer have the same significance.”
– Mark Douglas
Top Links
One Big Clue The Lows For The Year Could Be In – Carson Group
Ryan Detrick shares some insightful stats that suggest the lows could be in for 2022.
The State of the Bounce – The Irrelevant Investor
Michael Batnick examines the rebound off the June lows.
Sentiment Slide – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
What is Ratio Analysis, and How Can Investment Managers Apply It? – Research by Potomac
Drew Wells discusses the value of ratio analysis and relative strength.
Top Tweets
You’re all caught up now. Thanks for reading!