Daily Chart Report π Friday, August 11, 2023
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Todayβs Summary
Friday, August 11, 2023
Indices: Dow +0.30% | Russell 2000 +0.13% | S&P 500 -0.11% | Nasdaq 100 -0.67%
Sectors: 7 of the 11 sectors closed higher. Energy led, rising +1.54%. Tech lagged, falling -0.74%.
Commodities: Crude Oil futures rose +0.45% to $83.19 per barrel. Gold futures inched lower by -0.12% to $1,947 per oz.
Currencies: The US Dollar Index rose +0.22% to $102.85.
Crypto: Bitcoin was flat and continues to trade at $29,398. Ethereum inched lower by -0.17% to $1,847.
Interest Rates: The US 10-year Treasury yield rose to 4.158%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by John Rothe (@JohnRothe). Technology ($XLK) was the weakest sector today and this week. It was the strongest sector in the first half of the year, gaining 40%, and it broke out to all-time highs last month. However, it's back below the former highs after pulling back 7.4% recently. This qualifies as a failed breakdown for the Tech sector. As you might know, failed breakouts are often followed by sharp moves lower. John points out that $XLK could correct another 8-10% from here before reaching support at the August 2022 highs, around $151. This could be an issue for the major indices in the near term, as Tech represents 27% of the S&P 500 and nearly 50% of the Nasdaq.
Quote of the Day
"Win as if you were used to it,
lose as if you enjoyed it for a change."
- Ralph Waldo Emerson
Trendlines over Headlines
https://youtu.be/LVNFfA9ymmk
The latest episode of Trendlines > Headlines is out!
This week, JC O'Hara joins us to make sense of the markets. JC is a technical strategist at Roth MKM. In the episode, we look at several noteworthy charts and discuss:
- The S&P 500
- Sentiment
- Weakness in Tech Stocks
- Strength in Energy Stocks
- Commodities, and more!
Top Links
What a Pullback Could Look Like - LPL Financial Research
Adam Turnquist examines the near-term outlook for the S&P 500.
Stock Market Video Analysis for Week Ending 8/11/23 - AlphaTrends
Brian Shannon recaps this week's price action and highlights some key levels to watch next week.
Energy is Starting to Take 'The Leadership Baton' in the Market, Says Strategas' Todd Sohn - CNBC
Todd Sohn shares his thoughts on the resurgence in Energy stocks.
Bullish Rise, Bearish Signs: Anticipating and Capitalizing on Market Shifts - Day Trader Playbook
Yuriy Matso looks at the failed breakouts within the Tech sector.
Looking for a Mid-August Bounce After a Weak Start - Almanac Trader
Jeff Hirsch points out that stocks have historically experienced a slight rebound in Mid-August.