Daily Chart Report 📈 Thursday, August 22, 2024

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Today’s Summary
Thursday, August 22, 2024

Indices: Dow -0.43% | S&P 500 -0.89% | Russell 2000 -0.95%| Nasdaq 100 -1.68%

Sectors: 4 of the 11 sectors closed higher. Real Estate led, gaining +0.61%. Technology lagged, dropping -2.30%.

Commodities: Crude Oil futures bounced +1.50% to $73.01 per barrel. Gold futures dropped -1.21% to $2,517 per oz.

Currencies: The US Dollar Index rose +0.38% to $101.52.

Crypto: Bitcoin is down -1.13%to $60,465. Ethereum is down -0.29% to $2,623.

Volatility: The Volatility Index rose +7.87% to 17.54.

Interest Rates: The US 10-year Treasury yield rose to 3.856%.

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 Brian Shannon (@alphatrends).

• The rally slammed on the brakes today as the S&P 500 was rejected at all-time highs. There were many Bearish Engulfing candles created today. These ominous candlestick patterns often signal short-term weakness.

• Brian points out that several key ETFs (The S&P 500, Nasdaq 100, Semiconductors, and Biotech) violated their 5-day moving averages today. This indicates that the short-term trend has turned lower. Semis are the most vulnerable, with a declining 5-DMA.

• Longer-term trends remain higher, but caution is warranted in the coming days if these ETFs (primarily $SPY and $QQQ) are below a 5-DMA. As Brian often says, “The trend is guilty until proven innocent.”

Takeaway: The market reversed lower today as the S&P 500 was rejected at its former highs. The index is less than 2% from record highs, and the long-term trend remains higher. However, caution is warranted in the coming days as the short-term trend has turned lower.

“There is nothing more deceptive than an obvious fact.”

– Sherlock Holmes