Daily Chart Report 📈 Tuesday, August 8, 2023

August 8, 2023

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Today’s Summary
Tuesday, August 8, 2023

Indices: S&P 500 -0.42% | Dow -0.45% | Russell 2000 -0.59% | Nasdaq -0.87%

Sectors: 3 of the 11 sectors closed higher. Health Care led, rising +0.77%. Materials lagged, falling -1.06%.

Commodities: Crude Oil futures rose +1.20% to $82.92 per barrel. Gold futures fell -0.51% to $1,960 per oz.

Currencies: The US Dollar Index rose +0.46% to $102.54.

Crypto: Bitcoin gained +2.00% to $29,764. Ethereum rose +1.58% to $1,856.

Interest Rates: The US 10-year Treasury yield dropped to 4.026%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

$XLE buyers came in on the PB to the 20-sma. Near HOD. pic.twitter.com/jPcQZPbBYQ
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) August 8, 2023

Today’s Chart of the Day was shared by Larry Tentarelli (@LMT978). Energy ($XLE) was one of the weakest sectors in the year's first half. However, it’s currently up +7.5% in the second half and leading by a wide margin. $XLE was down -2.2% this morning, but Larry points out that buyers showed up at the 20-day moving average. It closed on the highs of the day, up +0.49% overall. The Energy sector looks ready to resume its long-term uptrend as it’s on the verge of new six-month highs. While it has struggled over the past year, Energy has been the clear leader in the post-Covid era. Over the past three years, $XLE is up +170%. That’s 3x the second-best sector (Tech +54%) and nearly 5x the S&P 500 (+34%).

Quote of the Day

“Never mistake knowledge for wisdom. One helps you make a living; the other helps you make a life.”

-Eleanor Roosevelt

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.

Before launching TKer, Sam worked at some of the largest financial media outlets, including Forbes, Business Insider, Yahoo Finance, Axios, and more!

Top Tweets

$QQQ Hammer candle off March low trendzone support and the 50 SMA is a hopeful look for the bulls heading into tomorrow. ✅ pic.twitter.com/giLtaOpV29
— TrendSpider (@TrendSpider) August 8, 2023

#seasonality $SPX #SPX SPX Pre-election year seasonal update. pic.twitter.com/4YJ8gE5R3Q
— Nautilus Research (@NautilusCap) August 8, 2023

$XLE strong like bull intraday pic.twitter.com/lTJi1LtHYB
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) August 8, 2023

The Energy markets are getting a lot of airtime with every technical analyst and their dog on top of the rotation from technology stocks.

A resolution higher from these 9 month bases in the oil markets are needed to have high conviction in new positions.$XLE $XOP $CL_F pic.twitter.com/OY7gr9xurQ
— Sammy McCallum 🥇 (@Honeystocks1) August 8, 2023

Utilities got a shot in the back half of the year? pic.twitter.com/QalX2zTXOp
— J.C. Parets (@allstarcharts) August 8, 2023

kind of fun that 20-year Treasuries have consistently yielded more than 30-year Treasuries since being reintroduced in 2020 pic.twitter.com/IyxJ42WHpV
— Katie Greifeld (@kgreifeld) August 8, 2023

Short duration vehicles too hard to pass up right now with income + low volatility. Shoutout to @kgreifeld @elonmusk for the added content here. pic.twitter.com/ViqkPXOScY
— Todd Sohn (@Todd_Sohn) August 8, 2023

Lots of "bubble talk" 🫧

Please keep in mind.

- Tech weight in S&P 500 today: 27%
- Peak of tech bubble: 34%
- Not a bubble.

- 689D Delta of Tech weight in 2000: 21%
- Today: 0%
- Not a bubble.

If tech move defies your thesis, assigning "bubble" does not make it right.

👇 pic.twitter.com/tpeqIF7wc3
— Matt Cerminaro (@mattcerminaro) August 8, 2023

The smooth brain has to be close to imploding pic.twitter.com/GI2MYR61ac
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) August 8, 2023

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

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