Daily Chart Report ? Monday, August 29th, 2022

Patrick Dunuwila
August 29, 2022

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Today’s Summary
 Monday, August 29th, 2022

Indices: Dow -0.57% | S&P 500 -0.67% | Russell 2000 -0.89% | Nasdaq 100 -0.96%

Sectors: 2 of the 11 sectors higher. Energy led, gaining +1.51%. Technology lagged, falling -1.32%.

Commodities: Crude Oil futures rose +4.24% to $97.01 per barrel. Gold futures were flat and continue to trade at $1,750 per ounce.

Currencies: The US Dollar Index inched lower by -0.08%.

Crypto: Bitcoin rose +3.22% $20,186. Ethereum gained +7.93% to $1,539.

Interest Rates: The US 10-year Treasury yield rose to 3.108%.

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 Zaccardi (@MikeZaccardi). It’s a daily candlestick chart of the S&P 500 ($SPY) over the past year. The S&P 500 has pulled back about 6% from its recent highs, after being rejected by its downward sloping 200-day moving average a couple of weeks ago. Mike points out that the focus will be on the 50-day moving average this week. This is really the bull’s last line of potential support before we retest the June lows. It’s holding up so far, but if it breaks, it would be further evidence that this Summer truly was a bear market rally. Keep an eye on how this test plays out this week!

Quote of the Day

“May the flowers remind us
why the rain was necessary”

– Xan Oku

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Top Links

Testing the 50-DMA – Bespoke
Bespoke points out that the four major indices are testing their 50-day moving averages.

This Isn’t A Bull Market – Means to a Trend
Austin Harrison explains that current market conditions are not exemplary of a bull market.

Market Consensus is Guiding Positioning, Says Jeff deGraaf, Research Chairman with Renaissance Macro – CNBC
In this clip, Jeff deGraaf of Renaissance Macro offers his take on sentiment, positioning, momentum, and more.

Is This Chart Going Up or Down? – The Reformed Broker
Josh Brown shares his thoughts on the current market environment.

Trendlines Over Headlines with Special Guest, Callie Cox – The Chart Report
Catch up on the latest episode of Trendlines Over Headlines with special guest, Callie Cox of eToro. Callie shares her perspective on the stock market, the economy, and more!

Top Tweets

$XLE and much of the sector trying to break out of this range. pic.twitter.com/Hq1Xjp9poT

— Larry Tentarelli, Blue Chip Daily (@LMT978) August 29, 2022

You’re all caught up now. Thanks for reading!

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