Daily Chart Report 📈 Tuesday, August 13, 2024
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Today’s Summary
Tuesday, August 13, 2024
Indices: Nasdaq 100 +2.50% | S&P 500 +1.69%| Russell 2000 +1.61% | Dow 2000 +1.04%
Sectors: 10 of the 11 sectors closed higher. Technology led, gaining +3.07%. Energy was the only sector that closed lower, falling -0.97%.
Commodities: Crude Oil futures fell -2.14% to $78.35 per barrel. Gold futures inched higher by +0.15% to an all-time high of $2,508 per oz.
Currencies: The US Dollar Index dropped -0.51% to a six-month low of $102.60.
Crypto: Bitcoin rose +2.12%to $60,620. Ethereum fell -0.72% to $2,703.
Volatility: The Volatility Index slid -12.60% to 18.11.
Interest Rates: The US 10-year Treasury yield dropped to 3.854%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Wasn't filled. Left an island behind. pic.twitter.com/SK0JawtRXu
— Walter Deemer (@WalterDeemer) August 13, 2024
🏆 Today’s Chart of the Day was shared by Walter Deemer (@WalterDeemer).
- The Nasdaq 100 ($QQQ) gapped higher by +1% this morning and rallied throughout the session, closing up +2.5%.
- Walter points out that today’s gap wasn’t filled. As Walter often says, “How quickly the gaps get filled — if at all—gives us an idea of how strong the underlying trend is.”
- Today’s unfilled gap left the past seven candles in an isolated cluster below $455, marking a Bullish Island Reversal. However, there are two unfilled gaps lurking overhead at $480 and $490. These two gaps are the only potential resistance levels standing in the way of all-time highs.
Takeaway: The Nasdaq ($QQQ) gapped higher this morning and didn’t look back. Today’s unfilled gap left the bears stranded on an ‘island’ below $455. However, the bulls face potential resistance at $480 and $490 before reaching all-time highs.
Quote of the Day
“It’s OK to be wrong;
it’s unforgivable to stay wrong.”
– Marty Zweig
Top Links
What is it About August? - Carson Research
Ryan Detrick looks at the seasonal trends and recent volatility in the S&P 500.
Critical Week Ahead for S&P 500 - StockCharts
Julius de Kempenaer examines the recent rotations between sectors and asset classes.
Nasdaq Hits New 52-week Highs - All Star Charts
JC Parets examines the strength in Capital Market stocks like $NDAQ, $CBOE, and $ICE.
The Highest Yielding Stocks in the S&P 500 - Bespoke
Bespoke highlights the S&P 500 stocks with the highest dividend yield.