Daily Chart Report ๐ Wednesday, August 16, 2023
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Todayโs Summary
Wednesday, August 16, 2023
Indices: Dow -0.52% | S&P 500 -0.76% | Nasdaq 100 -1.07% | Russell 2000 -1.28%
Sectors: 10 of the 11 sectors closed lower. Utilities was the only sector that closed higher led, rising +0.44%. Consumer Discretionary lagged, dropping -1.24%.
Commodities: Crude Oil futures dropped -1.99% to $79.38 per barrel. Gold futures fell for the eighth straight day, by -0.36% to $1,928 per oz.
Currencies: The US Dollar Index rose +0.24% to a two-month high of $103.45.
Crypto: Bitcoin dropped -1.61% to $28,701. Ethereum fell -1.19% to $1,806.
Interest Rates: The US 10-year Treasury yield broke out to a 15-year high of of 4.252%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Liz Ann Sonders (@LizAnnSonders). The US 10-year Treasury yield broke out to a 15-year high today. It peaked last October, around the same time the S&P 500 bottomed. It's formed a 10-month base since then, and it looks ready to resume its uptrend. Stocks have pulled back on the heels of this resurgence in yields. Growth stocks are particularly sensitive to rising yields, as the opportunity cost of holding these long-duration assets becomes greater as yields rise. To make matters worse, the US dollar is also putting pressure on stocks as $DXY reached a two-month today. The wrecking balls of 2022 are making an ominous comeback, and stocks are starting to notice.
Quote of the Day
โI used to think that if there was reincarnation, I wanted to come back as the President, or the Pope, or as a .400 baseball hitter. But now, I would want to come back as the bond market. You can intimidate everybody.โ
- James Carville
Trendlines over Headlines
https://youtu.be/LVNFfA9ymmk
The latest episode of Trendlines > Headlines is out!
This week, JC OโHara 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
Is Now the Time to Buy the SPX Dip? - Schaeffer's Investment Research
Rocky White examines how the S&P 500 has historically performed after pulling back to various moving averages.
Stock Market Analysis 8/16/23 - AlphaTrends
Brian Shannon inspects the recent pullback and identifies some key levels for traders to watch in the near term.
Russell is Sending Another Warning Sign - Day Trader Playbook
Yuriy Matso highlights a notable failure in the Russell 2000.
Riding the Wave - Investor Charts
Petr Pinkhasov shares his thoughts on several noteworthy charts.
US Dollar Breakouts Mount - All Star Charts
Ian Culley looks at several US dollar pairs as $DXY breaks out to a two-month high.