Daily Chart Report ๐ Thursday, August 1, 2024
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Todayโs Summary
Thursday, August 1, 2024
Indices: Dow -1.21% | S&P 500 -1.37% | Nasdaq 100 -2.44% | Russell 2000 -3.03%
Sectors: 5 of the 11 sectors closed higher. Utilities led, gaining +1.80%. Technology lagged, dropping -3.73%.
Commodities: Crude Oil futures fell -2.05% to $76.31 per barrel. Gold futures rose +0.32% to an all-time high of $2,481 per oz.
Currencies: The US Dollar Index rose +0.32% to $104.34.
Crypto: Bitcoin rose +1.05% to $65,293. Ethereum fell -0.93% to $3,201.
Volatility: The Volatility Index jumped +13.50% to 18.58.
Interest Rates: The US 10-year Treasury yield dropped to a five-month low of 3.982%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher).
- The S&P 500 kicked off August on a bearish note today, dropping -1.37%. The index erased most of yesterdayโs gain, printing an infamous Bearish Engulfing candle.
- Andrew notes that $SPX is caught between two moving averages. It launched off its rising 50-DMA (blue) yesterday but closed at it again today after failing to reclaim its declining 20-DMA (red).
- $SPX also failed to reclaim the rising trendline off the October โ23 low again today.
The Takeaway: The short-term trend is turning lower, but the longer-term trend remains higher. If the 50-DMA breaks, the 200-DMA is currently ~8% lower, around 5,000.
Quote of the Day
โProgress is cumulative in science and engineering, but cyclical in finance.โ
โ Jim Grant
Top Links
Selling Accelerates - Trading Adventures
Andy Moss breaks down the recent price action in the S&P 500.
Japanese Yen: Update Your Priors - All Star Charts
Ian Culley examines the outlook for the Yen.
Small Caps Poised to Soar: Is Now The Time To Buy IWM? - StockCharts.com
Karl Montevirgen looks at the recent rebound in Small Caps.
Can Stocks Predict Another Election Outcome? - LPL Financial Research
Adam Turnquist points out that the stock market has a solid track record of predicting election outcomes.
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