Daily Chart Report π Thursday, August 24, 2023
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Todayβs Summary
Thursday, August 24, 2023
Indices: Dow -1.08% | Russell 2000 -1.27% | S&P 500 -1.35% | Nasdaq 100 -2.19%
Sectors: All 11 sectors closed lower. Financials led but still fell -0.35%. Tech lagged, dropping -2.30%.
Commodities: Crude Oil futures rose +0.20% to $79.05 per barrel. Gold futures were flat at $1,947 per oz.
Currencies: The US Dollar Index gained +0.61% to a two-month high of $103.99.
Crypto: Bitcoin fell -1.10% to $26,500. Ethereum fell -1.20% to $1,680.
Interest Rates: The US 10-year Treasury yield rose to 4.241%.
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 Optuma (@Optuma). The S&P 500 was up as much as +0.50% this morning, but it ended the day down -1.35%. It closed at session lows, forming a bearish outside reversal candle that engulfed the prior three sessions. We saw a similar outside reversal candle on July 27th, just two days before it peaked on a closing basis. Optuma notes that we hit a seven-day high and a three-day low today. On a high-to-close basis, today was the biggest reversal since March 22nd, even larger than the one we saw near the peak in July. Within the S&P 500, Tech suffered the most dramatic reversal, closing -3.52% off its intraday high. This price action is bearish in the near term as we continue to stumble through a seasonal rough patch.
Quote of the Day
"Never bet on the end of the world. It only happens once, and if it does, who will you settle the trade with?"
βArt Cashin
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
One Down, One to Go - Trading Adventures
Andy Moss checks on price action so far in the week.
Swing trade Ideas for August 25 2023 - AlphaTrends
Brian Shannon lays out some key setups to watch in the near term.
Silver Breakout Coming? Fibonacci Price Targets to Consider - Kimble Charting Solutions
Chris Kimble breaks down the long-term outlook for silver.
Exploring the SPX, Tech and Commodity Trading with Tony Greer - Against All Odds Research
Jason Perz and Tony Greer discuss the current trading environment.
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