Daily Chart Report π Friday, August 4, 2023
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Todayβs Summary
Friday, August 4, 2023
Indices: Russell 2000 -0.20% | Dow -0.43% | Nasdaq -0.51% | S&P 500 -0.53%
Sectors: 2 of the 11 sectors closed higher. Consumer Discretionary led, rising +1.45%. Tech lagged, dropping -1.36%.
Commodities: Crude Oil futures gained +1.56% to $82.82 per barrel. Gold futures rose +0.37% to $1,976 per oz.
Currencies: The US Dollar Index dropped -0.47% to $102.00.
Crypto: Bitcoin fell -0.34% to $29,077. Ethereum slipped -0.39% to $1,827.
Interest Rates: The US 10-year Treasury yield dropped to 4.040%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today's Chart of the Day was shared by Gina Martin Adams (@GinaMartinAdams). The S&P 500 ended on the lows of the week after selling off into the close on Friday. It fell -2.28% overall, marking the worst week in nearly five months. While many attribute the recent weakness the US debt downgrade, Gina points out that momentum indicators were hinting at a potential pullback for several weeks. RSI (middle pane) formed a bearish divergence in July, as it made lower highs while price made higher highs. Gina adds that the MACD indicator (lower pane) was also stalling in July. This is nothing more than a healthy pullback at this point, and the uptrend off the October lows remains intact. Traders will be watching the August 2022 highs (around 4,300) for potential support in the coming weeks.
Quote of the Day
"The stock market is human nature on parade."
- William O'Neil
Trendlines > Headlines
https://youtu.be/nnIFaEek5YA
The latest episode of Trendlines over Headlines is out!
This week, Sam Ro joins us to discuss markets, news, the economy and more!
Sam is a prominent financial journalist and editor of the TKer, a newsletter geared toward long-term investors.
Prior to launching TKer, Sam worked at some of the largest financial media outlets, including Forbes, Business Insider, Yahoo Finance, Axios, and more!
Top Links
Weakest Time of Year for Stocks - All Star Charts
JC Parets points out that stocks are entering a historically weak period within the 4-year Presidential Cycle.
Apple Earnings Analysis: Cause for Concern? - Day Trader Playbook
Yuriy Matso looks at $AAPL as it retests the breakout level after reporting earnings.
Stock Market Analysis 8/4/23 - AlphaTrends
Brian Shannon analyzes this week's price action and highlights some key levels to watch next week.
Top Charts from the Consumer Discretionary Sector - Grindstone Intelligence
Austin Harison highlights some noteworthy stocks within the Consumer Discretionary sector.
Have Treasury Curve Spreads Bottomed - LPL Financial Research
Adam Turnquist points out that the yield curve could be forming a bottom.