Daily Chart Report π Tuesday, August 15, 2023
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Todayβs Summary
Tuesday, August 15, 2023
Indices: Dow -1.02% | Nasdaq 100 -1.10% | S&P 500 -1.16% | Russell 2000 -1.29%
Sectors: All 11 sectors closed lower. Health Care led but still fell -0.37%. Energy lagged, dropping -2.08%.
Commodities: Crude Oil futures fell -1.84% to $80.99 per barrel. Gold futures fell -0.45% to $1,935 per oz.
Currencies: The US Dollar Index was unchanged at $103.20.
Crypto: Bitcoin fell -0.80% to $29,172. Ethereum fell -0.90% to $1,827.
Interest Rates: The US 10-year Treasury yield rose to a nine-month high of 4.217%.
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 Ryan Detrick (@RyanDetrick). The S&P 500 peaked on July 31st and turned lower as we turned the calendar. Itβs currently down -3.3% in August after rising for five consecutive months. Ryan points out that this weakness is showing up right on schedule. The orange line represents the average performance of the S&P 500 during years in which it gained +10% or more in the first half. Years that start strong tend to digest their gains in August through November before a year-end rally.
Quote of the Day
βListen to what the market is saying about others,
not what others are saying about the market.β
-Richard Wyckoff
Trendlines over Headlines
https://youtu.be/LVNFfA9ymmk
The latest episode of Trendlines > Headlines is out!
This week, JC OβHara 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
Retail Investor REIT Allocations β The Weekly Chart Storm
Callum Thomas points out that investors have abandoned REITs.
Market Getting Louder as Strength Fades β Hi Mount Research
Willie Delwiche shows that bull market behavior is fading amid the recent volatility.
Is the Doc Copper Price Decline About to Turn Ugly Again? β Kimble Charting Solutions
Chris Kimble examines the outlook for Copper.
Precious Metals Brace for a Breakdown β All Star Charts
Ian Culley looks at what could be next for Precious Metals.
The Stock Market is Looking Less Bullish β Stock Market TV
We joined The Morning Show earlier today to discuss some of the key trends and themes across the markets.
Top Tweets
Real Estate - a few weeks ago the magazine cover crowd was saying this was interesting. What am I missing? pic.twitter.com/WjNUs5cOeO
β Dan Russo, CMT (@DanRusso_CMT) August 15, 2023