Daily Chart Report π Wednesday, August 21, 2024
Powered By:
Todayβs Summary
Wednesday, August 21, 2024
Indices: Russell 2000 +1.32% | Nasdaq +0.53% | S&P 500 +0.42%| Dow +0.14%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.28%. Financials was the only sector that closed lower, sliping -0.14%.
Commodities: Crude Oil futures fell -1.69% to a seven-month low of $71.93 per barrel. Gold futures rose +0.37% to an all-time high of $2,548 per oz.
Currencies: The US Dollar Index fell -0.24% to a year-to-date low of $101.14.
Crypto: Bitcoin rose +3.64%to $61,159. Ethereum rose +2.26% to $2,631.
Volatility: The Volatility Index rose +2.46% to 16.26.
Interest Rates: The US 10-year Treasury yield was flat at 3.803%.
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 @Optuma.
- The S&P 500 rose +0.42% today after breaking an eight-day winning streak yesterday. While the index closed lower by -0.20% yesterday, it still made a higher high and a higher low intraday.
- Optuma points out that $SPX has made a higher high and a higher low for 12 consecutive days (excluding the inside bar from Aug. 8th). This speaks to how aggressive buyers have been throughout the rebound. It also looks like the footprints of institutional buying.
- $SPX is less than 1% off its all-time highs with two trading days remaining in the week and a Fed speech on Friday.
Takeaway: The S&P 500 has made a higher high and higher low for 12 consecutive days (intraday). This speaks to the strength in the underlying trend and aggressive buying.
Quote of the Day
βAmateurs want to be right.
Professionals want to make money.β
β Alan Greenspan
Top Links
Summer at the Beach - The Rotation Report
Aaron Jackson highlights some key developments to watch in the near term.
Seasonality Works! Trade the Cycles & Profit from History
Jeff Hirsch reviews some of the dominant seasonal trends and cycles that have played out over the last few years.
Positioning for Lower Dollars - All Star Charts
Sam Gatlin examines the outlook for the US Dollar.
The Fastest Recovery Ever - The Irrelevant Investor
Michael Batnick shares his thoughts on the recent correction and impressive recovery.