Daily Chart Report πŸ“ˆ Monday, August 21, 2023

Patrick Dunuwila
August 21, 2023

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Today’s Summary
Monday, August 21, 2023

Indices: Nasdaq 100 +1.65% | S&P 500 +0.69% | Dow -0.11% | Russell 2000 -0.18% 
Sectors: 5 of the 11 sectors closed higher. Tech led, rising +1.91%. Real Estate lagged, falling -0.86%.

Commodities: Crude Oil futures fell -0.67% to $80.12 per barrel. Gold futures rose +0.34% to $1,923 per oz.

Currencies: The US Dollar Index fell -0.10% to $103.33.

Crypto: Bitcoin inched lower by -0.26% to $26,125. Ethereum fell -1.07% to $1,667.

Interest Rates: The US 10-year Treasury yield rose to a 16-year high of 4.342%.

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 Scott Brown (@scottcharts). Tech ($XLK) was the strongest sector last week, and it led again today. You wouldn’t expect to see tech leadership with yields breaking out to their highest in over a decade. It’s only been a week, but consensus and conventional wisdom suggest higher yields are bad for Growth/Tech stocks. Meanwhile, Tech is acting like it never got the memo. It’s still too early to tell if Tech is trying to tell us something, but Scott points out that the sector is facing a crucial test this week at the March 2022 highs (around $163). $XLK is solidly above $163 after today’s bounce, but where it ends the week will likely hinge on $NVDA, as the company releases earnings on Wednesday evening.

Quote of the Day

β€œWhenever you find the key to the market, they change the locks.”

– Lucien Hooper

Trendlines > Headlines

Check out the latest episode of Trendlines over Headlines!

This week, Ari Wald, Head of Technical Analysis at Oppenheimer, joins us to dissect the recent pullback. We discuss:

The S&P 500, Tech, Energy, Real Estate, Yields, The Dollar, Sentiment, and more!

Top Links

Apple Hits Big Oversold Levels, Now What? – The Reformed Broker
Josh Brown looks at $AAPL’s recent correction.

The Biggest Question I Have Right Now – All Star Charts
JC Parets looks at the breakout in US Treasury yields.

Have U.S. Bond Yields Began A New Long-Term Trend Higher? – Kimble Charting Solutions
Chris Kimble looks at yields from a long-term perspective.

Leaders and Losers – Industry Trends – Grindstone Intelligence
Ausstin Harrison highlights some of the leading and lagging industry groups.

Friday Night Lights – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the major technical developments across the markets.

Top Tweets

You’re all caught up now. Thanks for reading!

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