Daily Chart Report 📈 Friday, August 25, 2023

August 25, 2023

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Today’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

$IWM

Small caps IWM in an ascending triangle flirting with the 200 weeks moving average 👀 pic.twitter.com/s5F1ammd1h
— conradseric, CMT, CAIA, CEFA (@conradseric) August 25, 2023

Today’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

“Both optimists and pessimists contribute to society. The optimist invents the aeroplane, the pessimist the parachute.”

– 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 Tweets

Weekly $SPX update: signs of stabilizing after a 3 week pullback. 4340 is a decent near-term support to keep an eye on. pic.twitter.com/OHEX9ft3Qt
— Michael Turvey (@MikeTurveyCS) August 25, 2023

$SPY Inside week for the S&P 500 with price sticking to the $440 high volume node

Weekly MACD crosses down for the first time since March. 👀 pic.twitter.com/g7QWQ5ohm1
— TrendSpider (@TrendSpider) August 25, 2023

$SPX with two consecutive weekly closes below the 10-week moving average. pic.twitter.com/FOI676PIgZ
— Brian Bond, CMT (@BrianBond) August 25, 2023

The S&P 500 hasn't declined by 2% or more for 129 consecutive trading days, the longest streak since October 2018 pic.twitter.com/hGv5jK0aco
— Barchart (@Barchart) August 25, 2023

$TNX - Fat Lady Ain't Singing. pic.twitter.com/nGaYiTeKzQ
— Larry Thompson (@HostileCharts) August 25, 2023

The risk reward on bonds is insane here if we make a double bottom here in $TLT. Not a trend fighter myself, but it looks tempting. pic.twitter.com/7S7a8UKLfR
— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) August 25, 2023

You can find charts like this within our weekly ETF Navigator report, published each Wednesday. We focused on fixed income ETFs this week, including this chart for the iShares 20+ Treasury Bond ETF (TLT) which is trending lower, but is now intermediate-term oversold and looks… pic.twitter.com/UAF4FsBzFu
— Katie Stockton, CMT (@StocktonKatie) August 25, 2023

US Dollar Index RSI > 70. First time since September 2022. Is this the start or the end? pic.twitter.com/Ge7Dfg2akJ
— Louis Spector, CMT (@LouisSpectorCMT) August 25, 2023

You can bet some crude oil traders tossed their keyboards today. https://t.co/yv3Z2LlhY9 pic.twitter.com/mStYS3nTQG
— Patrick Rooney (@patrickrooney) August 25, 2023

$AMC just had the lowest daily & weekly close of all-time.

Nature is healing. pic.twitter.com/K1dFwjBFE4
— Caleb Franzen (@CalebFranzen) August 25, 2023

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

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