Daily Chart Report ๐Ÿ“ˆ Friday, August 25, 2023

Patrick Dunuwila
August 25, 2023

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Todayโ€™s Summary
Friday, August 25, 2023


Indices: Nasdaq +0.85% | Dow +0.73% | S&P 500 +0.67% | Russell 2000 +0.40%

Sectors: All 11 sectors closed higher. Consumer Discretionary led, gaining +1.12%. Communications lagged, but still inched higher by +0.11%.

Commodities: Crude Oil futures rose +0.99% to $79.83 per barrel. Gold futures fell -0.37% to $1,940 per oz.

Currencies: The US Dollar Index rose +0.19% to $104.19, it's highest in nearly three months.

Crypto: Bitcoin fell -0.46% to $26,048. Ethereum fell -0.47% to $1,653.

Interest Rates: The US 10-year Treasury yield was flat at 4.239%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

Todayโ€™s Chart of the Day was shared by Eric Conrads (@conradseric). The Russell 2000 ($IWM) closed lower for the fourth straight week but formed a doji candle as it fell just -0.35%. The other major indices have trended higher in recent months by making higher highs and higher lows. Those uptrends remain intact even with the recent pullback. However, $IWM continues to be trendless and rangebound between $170 and $197. It's made higher lows but has yet to achieve higher highs. Conrad points out that it's forming an ascending triangle pattern after flirting with the 200-week moving average for over a year. If the Russell 2000 ever breaks out, breadth would likely improve dramatically, but it's fumbled every opportunity it's had.

Quote of the Day

โ€œBoth optimists and pessimists contribute to society. The optimist invents the aeroplane, the pessimist the parachute.โ€

โ€“ George Bernard Shaw

Trendlines > Headlines

https://youtu.be/iRel6qR_AoY

Check out the latest episode of Trendlines over Headlines!

This week, Market Wizard John Netto joins us to discuss the current market environment and his approach to trading.

Top Links

Cash Piling Up on the Sidelines - LPL Financial Research
Adam Turnquist looks at how investors are positioned.

Stocks Are Stuck. Deal With It. - All Star Charts
JC Parets shows that some of the most important industry groups are struggling with levels of overhead supply.

Nvidiaโ€™s Stock (NVDA) Reaches Fibonacci Price Target. Breakout or Stall Out? - Kimble Charting Solutions
Chris Kimble shows that Nividia ($NVDA) is testing resistance at a key Fibonacci level.

Waiting on Silver - Grindstone Intelligence
Austin Harrison examines the outlook for precious metals.

Top Tweets

Youโ€™re all caught up now. Thanks for reading!

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