Daily Chart Report ? Tuesday, August 30th, 2022

Patrick Dunuwila
August 30, 2022

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Today’s Summary
Tuesday, August 30th, 2022

Indices: Dow -0.96% | S&P 500 -1.10% | Nasdaq 100 -1.13% | Russell 2000 -1.45%

Sectors: All 11 sectors closed lower. Financials led, but still fell -0.54%. Energy lagged by a wide margin, dropping -3.39%.

Commodities: Crude Oil futures dropped -4.89% to $92.27 per barrel. Gold futures fell -0.81% to $1,736 per ounce.

Currencies: The US Dollar Index inched higher by +0.09%.

Crypto: Bitcoin fell -1.86% to $19,924. Ethereum ticked lower by -0.22% to $1,550.

Interest Rates: The US 10-year Treasury yield was flat and continues to be at 3.106%.

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 Stacey Lee (@BBaxter2020). The chart shows the S&P 500 ($SPY) and credit spreads ($IEI/$HYG) over the past year. Credit spreads have been trending higher for the majority of 2022, indicating stress in the credit markets. Stocks and other risk assets don't like it when credit spreads widen out like this...they move inversely. Stacey points out that while the S&P 500 made a new high in August, credit spreads never made a new low. Stocks and other risk assets will likely continue to struggle as long as the uptrend in credit spreads remains intact.

Quote of the Day

“By visualizing information, we turn it into a landscape that you can explore with your eyes. A sort of information map. And when you’re lost in information, an information map is kind of useful.”

- David McCandles

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Top Links

It's Different This Time - The Irrelevant Investor
Michael Batnick highlights some key characteristics of this market environment that haven't been witnessed in the past decade.

The Technical Case with Craig Johnson - Nasdaq Dorsey Wright
Craig Johnson shares his take technical outlook on the markets.

All About 1,000 Point Down Days - Carson Group
Ryan Detrick takes a look at days when the Dow sheds 1,000 points or more as we saw on Friday.

Stock Market Video Analysis August 30, 2022 - AlphaTrends
In this video, Brian Shannon lays out some key levels to watch in the remainder of the week.

High Correlation Between Stocks and Bonds - Bespoke
Bespoke examines the correlation between stocks and bonds.

Top Tweets

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

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