Daily Chart Report π Wednesday, August 2, 2023
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Todayβs Summary
Wednesday, August 2, 2023
Indices: Dow -0.98% | Russell 2000 -1.37% | S&P 500 -1.38% | Nasdaq -2.21%
Sectors: 2 of the 11 sectors closed higher. Consumer Staples led, rising +0.36%. Tech lagged, dropping -2.47%.
Commodities: Crude Oil futures dropped -2.31% to $79.49 per barrel. Gold futures fell -0.19% to $1,975 per oz.
Currencies: The US Dollar Index gained +0.62% to $102.60.
Crypto: Bitcoin dropped -1.93% to $29,124. Ethereum fell -1.85% to $1,838.
Interest Rates: The US 10-year Treasury yield rose to an eight-month high of 4.084%.
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 Shane Murphy (@murphycharts). Many are blaming the newfound weakness on the US debt downgrade. However, this is happening at a very logical level of overhead supply. Shane points out that the S&P 500 is being rejected at resistance from the March 2022 highs, around 4,600. The next major support level is -4% lower from here, at the August highs (around 4,300). You can blame the US debt downgrade if you really need a reason to justify a slight pullback. However, this is a well-deserved break for the S&P 500 after sprinting higher all Summer. As our friend Todd Sohn once said, "If you run a four-minute mile, you're gonna need a breather!"
Quote of the Day
"Pullbacks allow you to determine whether your stock is a tennis ball or an egg."
- Mark Minervini
Top Links
Weakness Under the Surface - CappThesis
Frank Cappelleri highlights several key developments to watch in the near term.
Stock Market Analysis August 2, 2023 - AlphaTrends
In this quick video, Brian Shannon explains why the market is "guilty until proven innocent" in the near term.
August Technical Market Outlook - Grindstone Intelligence
Austin Harrison shares his outlook for stocks in August.
Did a Bearish Signal Really Sounds Last Week? - Schaeffer's Investment Research
Rocky White takes a closer look at the bearish outside reversal from last Thursday.
Downgrades Overlooked - Bespoke
Bespoke looks at the last time that US debt was downgraded in 2011.
Top Tweets