Daily Chart Report π Friday, August 16, 2024
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Todayβs Summary
Friday, August 16, 2024
Indices: Russell 2000 +0.30% | Dow +0.24% | S&P 500 +0.20% | Nasdaq +0.09%
Sectors: 8 of the 11 sectors closed higher. Financials led, gaining +0.74%. Industrials lagged, inching lower by -0.14%.
Commodities: Crude Oil futures dropped -3.35% to $75.54 per barrel. Gold futures rose +1.82% to an all-time high of $2,538 per oz.
Currencies: The US Dollar Index slid +0.62% to a seven-month low of $102.40.
Crypto: Bitcoin rose +2.30% to $58,883. Ethereum rose +0.90% to $2,594.
Volatility: The Volatility Index dropped -2.69% to 14.81.
Interest Rates: The US 10-year Treasury yield fell to 3.884%.
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 Mike Zaccardi (@MikeZaccardi).
- The S&P 500 had a perfect week, rising every single day. It closed higher by +3.93%, marking the best week since exiting the correction lows last October.
- $SPX needed to reclaim 5,400 this week, and it did so with conviction. It also reclaimed the 50-DMA, the neckline of a Head & Shoulders Top, the 61.8% Fibonacci retracement, and the VWAP from all-time highs.
- $SPX is only -2% below record highs after correcting -8.5% on a closing basis and -9.7% on an intraday basis. At this point, thereβs virtually no resistance to stop it from breaking out next week.
Takeaway: The S&P 500 rose every day this week, closing higher by +3.9%. Not only was it the best week of the year, it was the best week since exiting the correction last October. After reclaiming 5,400, the only thing on the bullβs to-do list next week will be all-time highs, which are about +2% higher.
Quote of the Day
The music is not in the notes,
but in the silence between.
- Mozart
Top Links
Stock Market Analysis August 16 2024 - Alphatrends
Brian Shannon breaks down this week's price action and some key levels to watch next week.
Trade Small on Heightened Volatility - Schwab Network
Jerry Parker offers his thoughts on the current market environment.
The 79th Element Continues To Shine - All Star Charts
Sam Gatlin examines the outlook from Precious Metals.
Will XRT (Retail) Sink or Soar? Here's What the Charts Say - StockCharts
Karl Montevirgen looks at what could be next for Retail stocks.
Broad Market - The Weekly Trend Podcast
In this podcast, Ian McMillan and David Zarling discuss the notable trends and themes across the markets.
Top Tweets