Daily Chart Report π Wednesday, August 23, 2023
Powered By:
Todayβs Summary
Wednesday, August 23, 2023
Indices: Nasdaq 100 +1.60% | S&P 500 +1.10% | Russell 2000 +1.04% | Dow +0.54%
Sectors: 10 of the 11 sectors closed higher. Technology led by a wide margin, gaining +2.80%. Consumer Staples was the only sector that closed lower, falling -1.17%.
Commodities: Crude Oil futures fell -0.94% to $78.89 per barrel. Gold futures rose +1.15% to $1,948 per oz.
Currencies: The US Dollar Index fell -0.23% to $103.37.
Crypto: Bitcoin gained +1.76% to $26,500. Ethereum rose +2.78% to $1,680.
Interest Rates: The US 10-year Treasury yield dropped to 4.198%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
#NVDA, 4hr
So much hate for NVDA on this platform.
NVDA doesn't care. pic.twitter.com/8vk9SIzYJx
β Yuriy Matso (@yuriymatso) August 23, 2023
Todayβs Chart of the Day was shared by Yuriy Matso (@yuriymatso). The market has been waiting all week to hear from the hero of the AI narrative, Nvidia ($NVDA). The stock has been in the spotlight since its last earnings report in May, where it surged +24% and broke out to record highs. Before that report, we had said $NVDA could rally to $495, but we never thought itβd get here so fast. It closed higher by +3.17% today, and itβs currently trading at record highs after hours, up another +6%. If this positive reaction holds, it will be a massive victory for the Bulls. While $NVDA is nowhere near as large as $AAPL or $MSFT, itβs still the fourth largest stock in the S&P 500 and the Nasdaq.
Quote of the Day
"Software is eating the world,
but AI is going to eat software."
β Jensen Huang
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
Semiconductors ETF (SMH) Nearing Critical Inflection Point! - Kimble Charting Solutions
Chris Kimble examines the outlook for Semiconductor stocks as $SMH tests support.
Stock Market Analysis August 23 2023 - AlphaTrends
Brian Shanon breaks down recent price action and lays out some key levels to watch in the near term.
Signal Says These 9 Stocks Have Room to Run - Schaeffer's Investment Research
Rocky White points out that stocks that double in the first 8-months of the year tend to see continued momentum in the remainder of the year.
The Great and Awful Thing About These Interest Rates - The Irrelevant Investor
Michael Batnick weighs the negatives and positives of higher rates.
Top Tweets
So far, so good. $tlt pic.twitter.com/R4L3ZsK1HT
β Steve Deppe, CMT (@SJD10304) August 23, 2023