Daily Chart Report π Friday, August 18, 2023
Powered By:
Todayβs Summary
Friday, August 18, 2023
Indices: Russell 2000 +0.51% | Dow +0.07% | S&P 500 -0.01% | Nasdaq 100 -0.14%
Sectors: 7 of the 11 sectors closed higher. Energy led, rising +0.99%. Communications lagged, falling -0.60%.
Commodities: Crude Oil futures rose +0.34% to $80.66 per barrel. Gold futures snapped a nine day losing streak, inching higher by +0.07% to $1,917 per oz.
Currencies: The US Dollar Index was unchanged at $103.43.
Crypto: Bitcoin dropped -2.22% to a two-month low of $26,051. Ethereum fell -1.33% to $1,661.
Interest Rates: The US 10-year Treasury yield snapped a six-day winning streak, falling to 4.257%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Nautilus Research (@NautiliusCap). The Volatility Index ($VIX) broke below 15 earlier this Summer, setting a new post-pandemic low. It got as low as 12.90 in late June. However, it spiked to a two-month high of 17.90 yesterday as the pullback in the S&P 500 intensified. Thatβs still relatively low for the $VIX, considering it spent the majority of last year above 17. Nautilus points out that bouts of Volatility tend to be short-lived when they begin from such low levels. The table shows how the $VIX has historically performed after spiking from under 15 to above 17.50. Out of the 28 prior occurrences since 1990, the $VIX was down the following week 79% of the time by an average of -2.15%. Three weeks later, it was down 95% of the time, by an average of -3.71%.
Quote of the Day
"Weekends are a bit like rainbows; they look good from a distance but disappear when you get up close to them."
- John Shirley
Top Links
Yields on the Rise - Too Much Too Fast? - LPL Financial Research
Adam Turnquist looks at this week's breakout in Treasury yields.
Stock Market Analysis for Week Ending 8/18 - AlphaTrends
Brian Shannon analyzes this week's price action and identifies some key levels to watch next week.
Are Technology Stocks About to Send Risk-Off Signal? - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the Equal-Weight Nasdaq 100.
Top Charts in the Real Estate Sector - Grindstone Intelligence
Austin Harrison highlights some noteworthy charts within the Real Estate sector.
How Far Could Stocks Fall? - Ciovacco Capital Management
In this video, Chris Ciovacco examines the near-term and long-term outlook for Stocks.