Daily Chart Report 📈 Wednesday, August 30, 2023

August 30, 2023

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Today’s Summary
Wednesday, August 30, 2023

Indices: Nasdaq +0.56% | Russell 2000 +0.40% | S&P 500 +0.38% | Dow +0.11%

Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +0.76%. Utilities lagged, falling -0.45%.

Commodities: Crude Oil futures rose +0.58% to $81.63 per barrel. Gold futures gained +0.38% to $1,973 per oz.

Currencies: The US Dollar Index dropped -0.30% to $103.17.

Crypto: Bitcoin fell -1.54% to $27,300. Ethereum fell -1.38% to $1,705.

Interest Rates: The US 10-year Treasury yield dropped to 4.118%.

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

Chart of the Day

The last time the Nasdaq was trading around these levels (grey), the Fear & Greed Index was in a position of "Greed" or "Extreme Greed".

Today, the F&G Index is "Neutral".

This is why I kept saying a consolidation was healthy & normal.

The market has reset. Rejoice. pic.twitter.com/hN2JXXV3SM
— Caleb Franzen (@CalebFranzen) August 30, 2023

Today's Chart of the Day was shared by Caleb Franzen (@CalebFranzen). The Nasdaq 100 ($NDX) has returned to where it was last month, only this time, the crowd is much less euphoric. As Caleb points out, the CNN Fear & Greed indicator peaked at the end of July with an 'extreme greed' reading of 83. After a -7.2% pullback in the Nasdaq, this sentiment indicator has returned to a 'neutral' reading of 50. The term 'healthy pullback' might sound like an oxymoron, but it's the best way to describe the past four weeks. The froth has been extinguished, and sentiment has been reset to more sustainable levels.

Quote of the Day

"Look at the chart as if you are Forrest Gump instead of Albert Einstein. That is a big advantage."

– Al Brooks

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

Looks like a textbook flag breakout and retest. It can't be that straight-forward can it? $SPY $QQQ $SPX pic.twitter.com/aXCP9DvRDU
— Jim Denholm, CMT (@denholm_jim) August 30, 2023

So, just a healthy pullback to a more normal and sustainable rate of [up]trend? 🙃 pic.twitter.com/tNQnVhtR7v
— Grayson Roze (@GraysonRoze) August 30, 2023

Consumer Staples hit new 52-week lows relative to S&Ps as money does NOT rotate into defensive sectors, as it traditionally would if this was going to be a much more severe market correction... pic.twitter.com/7nlHEJXV07
— J.C. Parets (@allstarcharts) August 30, 2023

The S&P 500 A/D line broke out to new highs, now successfully retested the breakout.

Nothing wrong with this picture, as a move higher will likely come over the next few months. pic.twitter.com/XpCUIuMaTE
— Ryan Detrick, CMT (@RyanDetrick) August 30, 2023

Apple $AAPL re-took its 50-day today, leaving Microsoft $MSFT as the only of these six Megas still below. pic.twitter.com/9UaytS8EZP
— Bespoke (@bespokeinvest) August 30, 2023

After turning lower w/ a dark cross almost a year ago, the trend in oil has turned positive w/ a golden cross. We know how inflation responded in the last year, how will this impact forward data? pic.twitter.com/Oa8bs6x7xw
— RenMac: Renaissance Macro Research (@RenMacLLC) August 30, 2023

$URA
Uranium...breakout of the resistance as well as long-term cup and handle exit to the upside...

Pure bull fission! pic.twitter.com/aFqGCuLs0s
— conradseric, CMT, CAIA, CEFA (@conradseric) August 30, 2023

$CCJ filled the gap from the 2011 Fukishima disaster - largest holding in $URA pic.twitter.com/mDo5BBSf8K
— Jamie Saettele, CMT (@JamieSaettele) August 30, 2023

A less well known uranium/nuclear energy related stock is breaking out.$LEU $URA #Uranium pic.twitter.com/mfb7V88k5x
— Greg Rieben (@gregrieben) August 30, 2023

$MSOS and pot names going HAM. pic.twitter.com/obSRyJAqgl
— Brian Lund (@bclund) August 30, 2023

The squeeze of our lifetime continues as Orange Juice soars to another all-time high! pic.twitter.com/Rf1DKuxPLq
— Barchart (@Barchart) August 30, 2023

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

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