Daily Chart Report 📈 Thursday, August 31, 2023
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Today’s Summary
Thursday, August 31, 2023
Indices: Nasdaq +0.25% | S&P 500 -0.16% | Russell 2000 -0.19% | Dow -0.48%
Sectors: 4 of the 11 sectors closed higher. Technology led, gaining +0.49%. Health Care lagged, falling -1.19%.
Commodities: Crude Oil futures rose +2.45% to $83.63 per barrel. Gold futures fell -0.36% to $1,966 per oz.
Currencies: The US Dollar Index gained +0.44% to $103.63.
Crypto: Bitcoin slid -4.70% to $26,019. Ethereum dropped -3.38% to $1,648.
Interest Rates: The US 10-year Treasury yield inched lower to 4.110%.
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 Frank Cappelleri (@FrankCappelleri). August is in the books! The S&P 500 snapped a five-month winning streak, falling -1.77%. On a brighter note, it closed +4% off the month’s lows. Frank points out that price action in 2023 continues to be the polar opposite of 2022. One of the key differences has been that breakouts and retests have been successful. In a comment to The Chart Report, Frank explained: “What was once resistance acted as major support this past month.” August 2022 began with a nasty failed breakout, and the index closed at the month’s lows, down -4.24%. On the other hand, this August started with a mild dip that got bought. While price behavior continues to improve, Bulls will face even stronger seasonal headwinds next month, as September has historically been the worst month for the S&P 500.
Quote of the Day
“Nearly every time I strayed from the herd, I’ve made a lot of money.
Wandering away from the action is the way to find the new action.”
– Jim Rodgers
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
Busting 7 Common Myths - Carson Group
Ryan Detrick debunks the pillars of the bear case.
Sentiment Stays Down - Bespoke
Bespoke breaks down the results of the latest sentiment surveys.
Monthly Charts - Trading Adventures
With August in the books, Andrew Moss highlights some noteworthy monthly charts.
Day Hagan Tech Talk: Texas Hold’em - Day Hagan Asset Management
Art Huprich looks at the S&P 500 and the US 10-year yield.
19 Charts That Caught My Eye 👀 - TKer
Sam Ro highlights 19 charts that convey the current state of the stock market and the economy.