Daily Chart Report π Wednesday, August 7, 2024
Powered By:
Todayβs Summary
Wednesday, August 7, 2024
Indices: Dow -0.60% | S&P 500 -0.77% | Nasdaq 100 -1.16% | Russell 2000 -1.41%
Sectors: 4 of the 11 sectors closed higher. Utilities led, rising +0.56%. Consumer Discretionary lagged, falling -1.74%.
Commodities: Crude Oil futures rose +2.77% to $75.23 per barrel. Gold futures were flat at $2,432 per oz.
Currencies: The US Dollar Index rose +0.25% to $103.19.
Crypto: Bitcoin fell -1.64% to $55,136. Ethereum dropped -4.86% to $2,343
Volatility: The Volatility Index gained +0.51% to 27.84.
Interest Rates: The US 10-year Treasury yield rose to 3.943%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Todd Sohn (@Todd_Sohn).
-
The S&P 500 was up as much as +1.73% earlier today but gave it all back, closing down -0.77%. The index is now -8.25% off record highs (on a closing basis).
-
$SPX reached a max drawdown of -8.5% on Monday, its worst drawdown of the year.
- Corrections never feel healthy, but Todd reminds us that a 5-10% correction is normal. In fact, it would be odd if we didn't correct at least -5%.
The Takeaway: Recent volatility in the S&P 500 has been completely normal so far despite the $VIX spiking to its 3rd highest level in history on Monday.
Quote of the Day
βOne of the tricks of this business is, keep your losses down and then, if you have a few good breaks, the compounding works well for you.β
β Walter Schloss
Top Links
What a Dismal Start to August Could Mean for Stocks - Schaeffer's Investment Research
Rocky White examines the outlook for the S&P 500 after an ugly start to the month.
A Little More Noise. A Lot More Volatility - Hi Mount Research
Willie Delwiche looks at the aftermath of Monday's sell-off.
Stock Market & Crypto Analysis August 7 2024 - AlphaTrends
Brian Shannon breaks down this week's volatile price action.
ETFs & Markets with Todd Sohn: The Equity Market Freakout of 2024 - Strategas Asset Management
Todd Sohn discusses the recent spike in the $VIX and more.
Top Tweets
https://x.com/allstarcharts/status/1821343086452044018