Daily Chart Report π Tuesday, August 1, 2023
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Todayβs Summary
Tuesday, August 1, 2023
Indices: Dow +0.20% | Nasdaq -0.25% | S&P 500 -0.27% | Russell 2000 -0.45%
Sectors: 2 of the 11 sectors closed higher. Industrials led, rising +0.30%. Utilities lagged, falling -1.22%.
Commodities: Crude Oil futures fell -0.53% to $81.37 per barrel. Gold futures dropped -1.51% to $1,979 per oz.
Currencies: The US Dollar Index inched higher by +0.10% to $101.96.
Crypto: Bitcoin rose +1.23% to $29,592. Ethereum gained+0.75% to $1,870.
Interest Rates: The US 10-year Treasury yield rose to 4.027%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). The S&P 500 closed higher for the fifth consecutive month in July. However, stocks have historically stalled over the next few months, especially in pre-election years like 2023. Andrew compares the current rally since May (black) to the past eight pre-election years since 1991. It's common to see the S&P 500 pause, pull back, or correct around August of pre-election years. It would be unusual to see the S&P 500 continue to rise at its recent pace over the next few months. If we do see strength, it will be a testament to how strong the underlying bid is. For more on this chart, read the original blog post here.
Quote of the Day
"We learn nothing from history except that we learn nothing from history."
- Cicero
Top Links
Stocks Don't Like August, Now What? - Carson Group
Ryan Detrick shares his thoughts on the upcoming seasonal headwinds.
Pre-Election Seasonality Suggests August Could Be Bumpy for Equity Markets
Andrew Thrasher points out that the S&P 500 has historically struggled in August of pre-election years.
Key ETF Performance Through July 2023 - Bespoke
Bespoke highlights some key takeaways from price action in July.
Technical Tuesdays with The Chart Report - Twitter Spaces
Here's the recording of our discussion on Twitter Spaces earlier today.
The Grandfather of Behavioral Investing - Albert Bridge Capital
While Benjamin Graham is often thought of as the grandfather of fundamental analysis, Drew Dickson points out that Graham was also interested in the behavioral aspect of the markets.
Top Tweets
Seasonality: August less robust and September bearish pic.twitter.com/lEEsTG3LNt
β Mike Zaccardi, CFA, CMT π (@MikeZaccardi) August 1, 2023