Daily Chart Report πŸ“ˆ Monday, August 14, 2023

Patrick Dunuwila
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

β€œI 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!

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