Daily Chart Report π Thursday, August 8,, 2024
Powered By:
Todayβs Summary
Thursday, August 8, 2024
Indices: Nasdaq +3.06% | Russell 2000 +2.42% | S&P 500 +2.30% | Dow +1.76%
Sectors: All 11 sectors closed higher. Tech led, gaining +3.73%. Utilities lagged but still inched higher by +0.11%.
Commodities: Crude Oil futures rose +1.28% to $76.19 per barrel. Gold futures gained +1.27% to $2,463 per oz.
Currencies: The US Dollar Index inched higer by +0.05% to $103.24.
Crypto: Bitcoin jumped +12.36% to $61,952. Ethereum surged -14.60% to $2,685.
Volatility: The Volatility Index dropped -14.58% to 23.78.
Interest Rates: The US 10-year Treasury yield rose to 3.992%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Jason Perz (@JasonP138).
- Bitcoin reclaimed a critical support level, around $58k today, signaling a Failed Breakdown. If Bitcoin is above $58k, the bears are trapped, and the path of least resistance is higher in the near term.
- Jason points out that this is the second Failed Breakdown of the Summer. The one in July wasnβt very successful, producing a lower high. After making a lower low on Monday, the Bulls need a higher high next.
- Bitcoin broke out to all-time highs in February, but itβs been rangebound between $58k ~ $70k for nearly six months now. The rest of the crypto market will be a mess until Bitcoin starts to trend higher again.
The Takeaway: Bitcoin reclaimed support at $58k today after breaking down over the weekend, marking the second Failed Breakdown of the Summer. Bulls need this one to produce a higher high after failing to do so last time.
Quote of the Day
βWhen deciding to sell, people have control over whether to give themselves pleasure or give themselves pain, and they tend to give themselves pleasure. In other words, they tend to sell winners and hang on to losers. It turns out to be a bad idea.β
β Daniel Kahneman
Top Links
Why Sentiment Changes So Quickly - The Next Big Move
Joe Fahmy shares his thoughts on sentiment and this week's volatility.
A Deeper Dive Into the Carry Trade - LPL Financial Research
Adam Turnquist examines the unwind in the Yen Carry Trade that shocked the markets on Monday.
Stock to Bond Ratio Testing Important Price Support! - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the Stock/Bond ratio.
Opportunities in today's market with Jay Woods, Chief Global Strategist at Freedom Capital Markets - FintechTV
Jay Woods makes sense of this week's volatility.
New Blackrock ETF Marks the Top - All Star Charts
JC Parets looks at a potential top in the Tech sector.