Daily Chart Report ๐ Friday, August 9, 2024
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Todayโs Summary
Friday, August 9, 2024
Indices: Nasdaq +0.54% | S&P 500 +0.47%| Dow +0.13% | Russell 2000 -0.17%
Sectors: 10 of the 11 sectors closed higher. Communications led, gaining +0.85%. Materials lagged, inching lower by -0.08%.
Commodities: Crude Oil futures rose +0.85% to $76.84 per barrel. Gold futures gained +0.41% to $2,473 per oz.
Currencies: The US Dollar Index inched lower by -0.08%to $103.15.
Crypto: Bitcoin fell -1.36%to $60,860. Ethereum dropped -3.14% to $2,600.
Volatility: The Volatility Index dropped -14.38% to 20.36.
Interest Rates: The US 10-year Treasury yield fell to 3.942%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Charlie Bilello (@charliebilello).
- The S&P 500 was unchanged this week (-0.04%) despite an ugly start. It opened lower by -3% on Monday, sending the Volatility Index ($VIX) to its third-highest reading of all time.
- Bulls have vanished recently. Charlie points out that The Investors Intelligence Survey saw the largest 2-week drop in Bullish sentiment since the 1987 crash. Bulls dropped from 64.2% to 46.9%.
- As a bull market matures, investors become overconfident and complacent. However, investors still clearly lack conviction. This is exactly why corrections are โhealthy.โ They shake out the weak hands and reset sentiment to more sustainable levels.
The Takeaway: Bullish sentiment has plunged recently. At the end of a bull market, investors become complacent, but theyโre still nervous these days. It only took a single-digit decline to scare them away.
Quote of the Day
โPessimists are often right,
and optimists are often wealthy.โ
โ Justin Welsh
Top Links
Stock Market, Bitcoin and Bond Analysis 8/9/24 โ Alphatrends
Brian Shannon reviews this weekโs price action and some key levels for next week.
Three Market Sentiment Indicators Confirm Bearish Phase โ StockCharts
David Keller examines sentiment amid the recent correction.
Donโt Let the Yen Carry You Away โ All Star Charts
Ian Culley breaks down the outlook for the Japanese Yen.
DJIA Down 13 of Last 17 August Monthly Options Expiration Week โ Almanac Trader
Jeff Hirsch looks at how stocks have historically performed during August OpEx week (next week).
The Dumbest Crash Ever โ The Compound and Friends
Hereโs a great discussion on this weekโs volatility with Joe Fahmy, JC Parets, Josh Brown, and Michael Batnick.
Top Tweets
Youโre all caught up now. Thanks for reading!