Daily Chart Report π Tuesday, August 27, 2024
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Todayβs Summary
Tuesday, August 27, 2024
Indices: Nasdaq +0.33% | S&P 500 +0.16% | Dow +0.02%| Russell 2000 -0.67%
Sectors: 6 of the 11 sectors closed higher. Tech led, gaining +0.61%. Energy lagged, falling -0.93%.
Commodities: Crude Oil futures dropped -2.44% to $75.53 per barrel. Gold inched lower by -0.09% to $2,553 per oz.
Currencies: The US Dollar Index fell -0.31%to $100.55.
Crypto: Bitcoin dropped -5.45%to $59,427. Ethereum slid -8.30% to $2,458.
Volatility: The Volatility Index dropped -4.46%to 15.42.
Interest Rates: The US 10-year Treasury yield was flat at 3.822%.
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 Eric Conrads (@conradseric).
- Over the past three months, Copper has dropped as much as -22.6% from its peak. It broke out to all-time highs in May after forming a two-year base. However, the breakout quickly failed, leaving the bulls trapped above $5.
- It stopped falling three weeks ago after finding support slightly below $4. Eric points out that this level represents the 200-week moving average and the 61.8% Fibonacci retracement of the 2022 drawdown.
- Copper printed a Higher Low during the recent correction, meaning the long-term uptrend remains intact. Higher Copper prices are generally perceived as bullish for the stock market and the economy.
Takeaway: Copper is rebounding off a long-term support level. It recently dropped -22.6% from record highs; however, the long-term uptrend never broke. Higher Copper prices are generally bullish for stocks and the economy.
Quote of the Day
βOne glance is worth a thousand earnings forecasts. The tape tells all, and our job is to learn how to listen properly.β
β Stan Weinstein
Top Links
Nvidia to Replace Intel in the Dow β All Star Charts
JC Parets makes a case for removing Intel from the Dow and replacing it with Nvidia.
Stocks May Consolidate as Market Faces Seasonal Headwinds Says BTIGβs Krinsky β MarketWatch
Jon Krinsky shares his technical outlook for the S&P 500.
Dow Jones Utilities Index Nears Inflection Point! β See it Market
Chris Kimble points out that the Dow Utilities Index is testing a key level.
Wednesday Best Day Before Labor Day Weekend β Almanac Trader
Jeff Hirsch looks at how stocks have historically performed around Labor Day.
Top Tweets
Youβre all caught up now. Thanks for reading!