Daily Chart Report 📈 Monday, August 19, 2024

Powered By:

Today’s Summary
Monday, August 19, 2024

Indices: Nasdaq +1.32% | Russell 2000 +1.19% | S&P 500 +0.97% | Dow +0.58%

Sectors: All 11 sectors closed higher. Technology led, gaining +1.65%. Consumer Staples lagged but still closed higher by +0.34%.

Commodities: Crude Oil futures dropped -2.49% to $73.66 per barrel. Gold futures inched higher by +0.14% to an all-time high of $2,541 per oz.

Currencies: The US Dollar Index slid -0.54% to a year-to-date low of $101.85.

Crypto: Bitcoin rose +1.83% to $59,497. Ethereum rose +0.94% to $2,637.

Volatility: The Volatility Index fell -1.01% to 14.66.

Interest Rates: The US 10-year Treasury yield fell to 3.871%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

🏆 Today’s Chart of the Day was shared by Jordan Roy-Byrne (@TheDailyGold).

• Gold printed a fresh all-time high today after posting its first weekly close above $2,500/oz. last week. The yellow metal has outperformed the S&P 500 and its sectors this year, up more than +21% YTD.

• Gold Mining stocks ($GDX) have been lackluster over the years, but $GDX stood out last week, rising +7.4% to a two-year high. Jordan points out that $GDX looks ready to outshine the S&P 500 ($GDX/$SPX) after building an Inverted Head & Shoulders pattern over the past year.

• The “Head” of the pattern was formed six months ago after hitting an all-time low. The ratio made a higher-low in June, forming the "Right Shoulder." If this long-term trend reverses, Gold Mining stocks could produce significant alpha in the coming years.

Takeaway: On a relative basis, Gold Mining Stocks ($GDX) have built a potential Head & Shoulders Bottom. If this bullish reversal pattern succeeds, prepare for Gold fever.

"I usually ignore advice from other traders, especially the ones who believe they are on to a “sure thing.” The old timers, who talk about “maybe there is a chance of so and so,” are often right and early."

-  Ed Seykota