Daily Chart Report ๐ Wednesday, August 9, 2023
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Todayโs Summary
Wednesday, August 9, 2023
Indices: Dow -0.54% | S&P 500 -0.70% | Russell 2000 -0.85% | Nasdaq -1.12%
Sectors: 4 of the 11 sectors closed higher. Energy led, rising +1.26%. Tech lagged, falling -1.29%.
Commodities: Crude Oil futures rose +1.78% to an eight-month high of $84.40 per barrel. Gold futures fell -0.47% to $1,951 per oz.
Currencies: The US Dollar Index was little changed (-0.05%) at $102.49.
Crypto: Bitcoin fell -0.56% to $29,596. Ethereum was unchanged at $1,856.
Interest Rates: The US 10-year Treasury yield fell to 4.016%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Eric Conrads (@conradseric). Natty Gas is heating up along with the rest of the Energy space. Today was its best day since June, rising +6.55% to a five-month high. It dropped like a rock at the beginning of the year before reaching a low in April. Conrad points out that it's been trending higher all Summer, and today's breakout occurred on the highest volume in over a year. It's currently testing resistance, around $3.00, which was created by the false breakout back in March. Clearing $3.00 would open the door for a potential rally to the October lows, around $5.00.
Quote of the Day
โCommodities tend to zig when the equity markets zag.โ
- Jim Rodgers
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 Links
Right on Time - Trading Adventures
Andy Moss takes a mid-week look at the major indices.
This is Overhead Supply - All Star Charts
JC Parets points out that stocks are pulling back at logical levels of overhead supply.
The S&P 500 Snapped a Key Streak -- Now What? - Schaeffer's Investment Research
Rocky White examines how the S&P 500 has historically performed after 47 trading days without a -1% pullback.
Even When the Stock Market Goes Up it Still Goes Down - A Wealth of Common Sense
Ben Carlson shows that even strong years for the S&P 500 feature corrections of -10% or more.