Daily Chart Report π Friday, August 23, 2024
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Todayβs Summary
Friday, August 23, 2024
Indices: Russell 2000 +3.19% | Nasdaq +1.18% | S&P 500 +1.15%| Dow +1.14%
Sectors: All 11 sectors closed higher. Consumer Discretionary led, gaining +1.93%. Utilities lagged, but still rose +0.28%.
Commodities: Crude Oil futures rose +2.49% to $74.83 per barrel. Gold futures gained +1.18% to $2,546 per oz.
Currencies: The US Dollar Index dropped -0.83%to a 52-week low of $100.68.
Crypto: Bitcoin gained +6.13%to $64,085. Ethereum rose +5.39% to $2,765.
Volatility: The Volatility Index dropped -9.64% to 15.85.
Interest Rates: The US 10-year Treasury yield fell to 3.801%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Michael Nauss (@MichaelNaussCMT).
- The week ended strongly, with all four major indices rising more than +1% today. Small-Caps led by a wide margin, as the Russell 2000 gained +3.2%.
- While the S&P 500 remains -0.6% below all-time highs, Michael points out that the Equal-Weight S&P 500 ($RSP) is already there. This is evidence of a broad and healthy market.
- The Magnificent 7 led the S&P 500 during the first leg of the bull market, but weβre finally seeing strength broaden out as the bull market matures.
Takeaway: While the S&P 500 closed slightly below record highs today, its Equal-Weight counterpart ($RSP) broke out with conviction. Breadth was one of the biggest concerns earlier this year, but participation has dramatically improved.
Quote of the Day
βA bad day for the ego is
a good day for the soul.β
β Robin Sharma
Top Links
Equity Rally Continues, Dovish Powell, & All Eyes on NVDA β Trade Risk
Evan Medeiros reviews this weekβs market performance.
RRG-Velocity Jumping on XLF Tail β StockCharts
Julius de Kempenaer analyzes the recent sector rotation within the S&P 500.
Whoβs Buying Bonds With Me? β All Star Charts
Steve Strazza lays out the bull case for Bonds.
Dow Jones Utilities Index Nears Inflection Point! β See it Market
Chris Kimble breaks down a long-term chart of the Dow Jones Utilities Index.
Top Tweets
Youβre all caught up now. Thanks for reading!