Daily Chart Report π Tuesday, August 22, 2023
Powered By:
Todayβs Summary
Tuesday, August 22, 2023
Indices: Nasdaq 100 -0.19% | S&P 500 -0.28% | Russell 2000 -0.28% | Dow -0.51%
Sectors: 3 of the 11 sectors closed higher. Real Estate led, rising +0.31%. Financials lagged, falling -0.94%.
Commodities: Crude Oil futures fell -0.60% to $79.64 per barrel. Gold futures inched higher by +0.16% to $1,926 per oz.
Currencies: The US Dollar Index rose +0.27% to $103.60.
Crypto: Bitcoin inched lower by -0.32% to $26,042. Ethereum fell -2.00% to $1,634.
Interest Rates: The US 10-year Treasury yield fell to 4.328%.
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 Nick Maggiulli (@dollaranddata). They say markets can correct in one of two ways: price or time. However, Nick points out that the S&P 500 has done both. The current drawdown reached a maximum of -25.4% at the October lows. Itβs lasted 410 days, and weβre still down -8.5% from record highs. While the 2020 drawdown was deeper (-33.9%), the current drawdown has lasted 3x longer. Legendary Technician Alan Shaw once famously said, βThe longer the base, the higher in space.β As tedious as this basing process has been, it could be laying the groundwork for a multi-year rally.
Quote of the Day
"Believe nothing you hear,
and only one half that you see."
β Edgar Allan Poe
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
What Might US Dollar Strength Mean for the S&P 500 - East Coast Charts
Louis Spector proves that stocks can still go up in a rising dollar environment.
Here's the Mess the S&P 500 Find Itself In - All Star Charts
JC Parets highlights two key levels to watch on the S&P 500 right now.
Climbing the Wall of Worry? - The Weekly Grind
Sam McCallum looks at a few noteworthy charts.
Energy Holds the 100% Line - Bespoke
Bespoke examines breadth within the Energy sector.
ETF Edge, August 21, 2023 - CNBC
In this clip, Todd Sohn shares his thoughts on AI stocks and the broader market.