Daily Chart Report 📈 Monday, August 14, 2023
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Today’s Summary
Monday, August 14, 2023
Indices: Nasdaq 100 +1.18% | S&P 500 +0.57% | Dow +0.07% | Russell 2000 -0.24%
Sectors: 6 of the 11 sectors closed higher. Tech led, gaining +1.59%. Utilities lagged, falling -0.79%.
Commodities: Crude Oil futures fell -0.82% to $82.51 per barrel. Gold futures inched lower by -0.13% to $1,944 per oz.
Currencies: The US Dollar Index rose +0.31% to $103.17.
Crypto: Bitcoin gained +0.41% to $29,404. Ethereum inched higher by +0.22% to $1,843.
Interest Rates: The US 10-year Treasury yield rose to a nine-month high of 4.197%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by David Keller (@DKellerCMT). The 10-year US Treasury yield ($TNX) settled at a nine-month high today and is on the verge of breaking out to a 15-year high. Since 2008, there have only been three other days in which the 10-year yield closed higher than it did today. It peaked last October, around the same time the S&P 500 bottomed, and It’s been basing atop the 2018 highs ever since. As David points out, if the 10-year yield resumes its uptrend, it will likely put pressure on growth stocks, tech stocks, and other long-duration assets. That being said, the tech sector led by a decent margin today, despite this ominous move in the 10-year yield.
Quote of the Day
“I always say that you could publish trading rules in the newspaper, and no one would follow them. The key is consistency and discipline.”
-Richard Dennis
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 Buying the Dip Would Mean Now – CappThesis
Frank Cappelleri highlights several key charts to pay attention to this week.
It’s a Growth Problem – Grindstone Intelligence
Austin Harrison examines the outlook for growth and value.
Metal Trend Testing – Bespoke
Bespoke looks at what could be next for gold, silver, and copper.
August Monthly Option Expiration Week: DJIA Down 13 of Last 18 – Almanac Trader
Jeff Hirsch looks at how the major indices have historically fared during August options expiration week.
The Morning Show – Stock Market TV
Tune into The Morning Show tomorrow at 8 am EST as we break down the noteworthy trends and themes across the markets.
Top Tweets
You’re all caught up now. Thanks for reading!