Daily Chart Report π Wednesday, August 30, 2023
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Todayβs 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 $1,705.
Interest Rates: The US 10-year Treasury yield dropped to 4.118%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today's Chart of the Day was shared by Caleb Franzen (@CalebFranzen). The Nasdaq 100 ($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."
β 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 Links
This is Normal - Carson Group
Ryan Detrick puts the recent pullback into context.
Wednesday Before Labor Day Best, Friday Weakest - Almanac Trader
Jeff Hirsch examines how stocks have historically performed in the days leading up to Labor Day.
Charts/Data Do Not Support Imminent Debt Crisis Theory - Ciovacco Capital Management
Chris Ciovacco stress tests the bull case for stocks.
One Stock, Two Impressive Streaks - Bespoke
Bespoke dissects Broadcom (AVGO) ahead of its earnings report on tomorrow (Thursday afternoon).