Daily Chart Report ? Friday, August 26th, 2022
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Today’s Summary
Friday, August 26th, 2022
Indices: Dow -3.03% | Russell 2000 -3.30% | S&P 500 -3.37% | Nasdaq 100 -4.10%
Sectors: All 11 sectors closed lower by more than 1%. Energy led, but still fell -1.17%. Technology lagged, dropping -4.27%.
Commodities: Crude Oil futures rose +0.49% to $92.97 per barrel. Gold futures dropped -1.16%, to $1,751 per ounce.
Currencies: The US Dollar Index rose +0.38%.
Crypto: Bitcoin dropped -4.33% $20,639. Ethereum tumbled -8.41% to $1,553.
Interest Rates: The US 10-year Treasury yield rose to 3.043%.
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 Frank Cappelleri (@FrankCappelleri). It's a daily bar chart of the Nasdaq 100 index over the past six months. The Nasdaq ended the week on a sour note today, dropping 4.10%, marking the worst day since June 13th. Frank points out that Thursday's big gain, followed by today's big drop formed the right shoulder of a bearish head & shoulders pattern. We broke the neckline of that pattern today, which is especially concerning given that the neckline coincides with the June highs. The bulls really needed to hold above those June highs, but they couldn't. Was all of August just one big failed breakout of the June highs? If so, we could see a sharp move lower in the near term.
Quote of the Day
“Only hawks get to go to central banker heaven."
- Robert McTeer
Trendlines Over Headlines
https://youtu.be/issysfajPmo
In this week's episode of Trendlines Over Headlines, Callie Cox of eToro joins us to make sense of the current market environment. She shares her perspective on the stock market, the economy, and more!
Top Links
Don't Even Think About Buying...(This Sector) - Stock Charts
Julius de Kempenaer examines the continued weakness in the Communications sector.
Taking Another Crack at Natty Gas - All Star Charts
Ian Culley takes a look at the continued strength in Natural Gas.
Stock Market Analysis - Renewed Selling August 26, 2022 - AlphaTrends
In this video, Brian Shannon breaks down recent price action and highlights some key levels to watch next week.
Global Investors Hoping China ETF (FXI) Holds at Support - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the China ETF, $FXI.
Top Tweets
You’re all caught up now. Thanks for reading!