Daily Chart Report π Thursday, August 10, 2023
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Todayβs Summary
Thursday, August 10, 2023
Indices: Nasdaq 100 +0.18% | Dow +0.15% | S&P 500 +0.03% | Russell 2000 -0.42%
Sectors: 5 of the 11 sectors closed higher. Communications led, rising +0.34%. Real Estate lagged, falling -0.32%.
Commodities: Crude Oil futures fell -1.87% to $82.82 per barrel. Gold futures were flat (-0.09%) at $1,949 per oz.
Currencies: The US Dollar Index inched higher by +0.14% to $102.62.
Crypto: Bitcoin fell -0.48% to $29,423. Ethereum inched lower by -0.20% to $1,850.
Interest Rates: The US 10-year Treasury yield rose to 4.109%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Larry Thompson (@HostileCharts). Larry points out that the Nasdaq 100 ($NDX) is testing a confluence of potential support, around 15,000. This level represents the March 2022 highs and the 50-day moving average. Yesterday marked the first close below the 50-day since January, but the bulls fought back today and reclaimed it. If 15,000 fails, the next major support level is about -9% lower, at the August highs (13,700). On the other hand, if the Nasdaq holds above 15,000, the next test will be the all-time highs around 16,500.
Quote of the Day
βThe intelligent investor is a realist who sells to optimists and buys from pessimists.β
- Benjamin Graham
Top Links
Bulls and Bears Beat the Average for Ten - Bespoke
Bespoke breaks down the latest AAII Sentiment Survey.
Yields: Listen to the Charts not the Gossip - All Star Charts
Ian Culley examines the outlook for Treasury yields.
Jason Shapiro-Cracking the Code: Lessons Shared by a Market Wizard - Against All Odds Research
Jason Perz interviews market wizard Jason Shapiro on his contrarian approach to the market.
My Take on a Legend's Investment Rules - Potomac Fund Management
Dan Russo offers his spin on Marty Zweig's famous investing rules.