Daily Chart Report π Thursday, August 17, 2023
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Todayβs Summary
Thursday, August 17, 2023
Indices: S&P 500 -0.77% | Dow -0.84% | Nasdaq 100 -1.08% | Russell 2000 -1.15%
Sectors: 10 of the 11 sectors closed lower. Energy was the only sector that closed higher led, rising +1.20%. Consumer Discretionary lagged, dropping -1.69%.
Commodities: Crude Oil futures rose +1.27% to $80.39 per barrel. Gold futures fell for the ninth straight day by -0.68% to $1,915 per oz.
Currencies: The US Dollar Index was flat at $103.44.
Crypto: Bitcoin tumbled -7.17% to $26,642. Ethereum slid -6.76% to $1,684.
Interest Rates: The US 10-year Treasury yield rose to a fresh 15-year high of 4.280%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Renaissance Macro Research (@RenMacLLC). The S&P 500 has pulled back -4.76% from its July 31st highs. Leading up to this pullback, the bull camp was getting crowded. Even the loudest bears had thrown in the towel and were suddenly singing a more optimistic tune. It seemed like the only fear among market participants in July was the fear of missing out. However, we're starting to see signs of genuine fear, and that's bullish. Renaissance points out that the Put/Call ratio is spiking as investors look to protect themselves against further downside. It can be challenging to time the market using sentiment, and the Put/Call ratio could spike even further before stocks rebound. However, this mild pullback is doing a lot to extinguish the froth and reset sentiment to more sustainable levels.
Quote of the Day
βAllied to the general pattern of market movements is the general pattern of speculative thinking.β
-Benjamin Graham
Top Links
Bulls Back Off - Bespoke
Bespoke analyzes the results of the latest AAII Sentiment Survey.
Now They Turn Bullish? - Carson Research
Ryan Detrick takes a longer-term look at sentiment.
VIX Seasonality - The Weekly ChartStorm
Callum Thomas points out that volatility tends to pick up around this time of year.
Tech Stocks versus Interest Rates Reaching Breaking Point! - See It Market
Chris Kimble looks at the relationship between Treasury Bonds ($TLT) and the Nasdaq ($QQQ).
The Bond Market Remains Stress-Free - All Star Charts
Ian Culley looks at credit spreads and what they suggest for equities.
Top Tweets
5-d $CPCE highest since early March. Usually (not always) near the low in $SPX, w/ near term R/R tilted higher pic.twitter.com/J7QzBYhSO8
β Urban Carmel (@ukarlewitz) August 17, 2023