Daily Chart Report π Tuesday, August 29, 2023
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Todayβs Summary
Tuesday, August 29, 2023
Indices: Nasdaq +2.15% | S&P 500 +1.45% | Russell 2000 +1.42% | Dow +0.85%
Sectors: All 11 sectors closed higher. Consumer Discretionary led, gaining +2.50%. Energy lagged, but still rose +0.27%.
Commodities: Crude Oil futures rose +1.32% to $81.16 per barrel. Gold futures gained +0.94% to $1,965 per oz.
Currencies: The US Dollar Index dropped -0.48% to $103.48.
Crypto: Bitcoin jumped +6.22% to $27,726. Ethereum gained +4.66% to $1,729.
Interest Rates: The US 10-year Treasury yield dropped to 4.122%.
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 (@Dash_charts). The Bulls had one of their best days of the Summer today. The S&P 500 rose +1.45%, marking its strongest day since June 2nd. Even Bitcoin caught a big bid! Meanwhile, the US 10-year Treasury yield fell hard and closed below its breakout level (4.25%). This begs the question: What if the recent breakout in the 10-year yield fails? @Dash_charts points out that RSI has formed a bearish momentum divergence by making lower highs while price made higher highs. It would also make sense to see this breakout fail from a sentiment perspective, given how well-broadcast it's been. As we know, failed breakouts often lead to sharp moves lower. Stocks would likely benefit if yields drop.
Quote of the Day
"Stay humble or the market will do it for you."
βTodd Harrison
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
September No Relief in Pre-Election Years for Worst Month - Almanac Trader
Jeff Hirsch examines how stocks have historically performed in September.
Can Tech Stocks Fight Through "Lower Highs" Resistance - Kimble Charting Solutions
Chris Kimble shares a long-term perspective of the Nasdaq.
The Dollar Index Plays Pinball - All Star Charts
Ian Culley looks beneath the surface of the US Dollar Index.
Why are Some Retail Stocks So Strong and Others So Weak? - The Morning Show
We joined The Morning Show earlier today to discuss some of the key trends across the markets.
SEC Loss Supercharges Bitcoin (GBTC) - Bespoke
Bespoke highlights today's jump in the Bitcoin ETF, $GBTC.