Daily Chart Report 📈 Friday, August 23, 2024
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Today’s 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
Equal-weighted S&P 500 index ETF closes at all-time highs. Proving again, it’s not just 7 stocks. $RSP pic.twitter.com/llymFYSJ4x
— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) August 23, 2024
Today’s Chart of the Day was shared by Michael Nauss (@MichaelNaussCMT).
- The week ended strongly, with all four major indices rising more than +1% today. Small-Caps led by a wide margin, as the Russell 2000 gained +3.2%.
- While the S&P 500 remains -0.6% below all-time highs, Michael points out that the Equal-Weight S&P 500 ($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 we’re 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
“A bad day for the ego is
a good day for the soul.”
– Robin Sharma
Top Links
Equity Rally Continues, Dovish Powell, & All Eyes on NVDA – Trade Risk
Evan Medeiros reviews this week’s market performance.
RRG-Velocity Jumping on XLF Tail – StockCharts
Julius de Kempenaer analyzes the recent sector rotation within the S&P 500.
Who’s Buying Bonds With Me? – All Star Charts
Steve Strazza lays out the bull case for Bonds.
Dow Jones Utilities Index Nears Inflection Point! – See it Market
Chris Kimble breaks down a long-term chart of the Dow Jones Utilities Index.
Top Tweets
S&P 500 all-time high on a weekly closing basis pic.twitter.com/eVBgQ4LEFy
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) August 23, 2024
Small Cap Stocks $IWM soar by 3.19%, the 3rd best day of the year pic.twitter.com/ZmWd14f50q
— Barchart (@Barchart) August 24, 2024
All-time *closing weekly* highs for $SPX & 4 sectors, and also equal-weighted S&P500 and Midcap 400 Index $MID: pic.twitter.com/xThdeiTTNE
— Optuma (@Optuma) August 23, 2024
The S&P 493 is hitting new highs as financials, health care, industrials, real estate, staples and utilities sectors have all broken out. Broadening EPS recovery helped – so far in 2Q 70.7% of companies reported stronger year-over-year EPS gains, the best breadth since 4Q21. pic.twitter.com/uHMkkU8sPT
— Gina Martin Adams (@GinaMartinAdams) August 23, 2024
Good stuff happens when you get small-caps (+3% today) going.
Today was the first 9-to-1 up volume day of the year, and best upside volume since October 2022. pic.twitter.com/e9QS4jmSD2
— Willie Delwiche, CMT, CFA (@WillieDelwiche) August 23, 2024
Another > 1% day for the S&P 500
That takes the count to 23 in 2024… pic.twitter.com/xuvs1FouQ3
— Grant Hawkridge (@granthawkridge) August 23, 2024
$IWM – Russell 2000 has clean r/r against $215 area.
Notice – During the pullbacks RSI started staying above 50, that’s a clue the bulls are keeping control and stacking wood for the move higher. pic.twitter.com/iHiEgwLU4z
— Larry Thompson (@HostileCharts) August 23, 2024
$SPX “Upward sloping bullish patterns never work…” pic.twitter.com/yub9chCCbO
— Frank Cappelleri (@FrankCappelleri) August 23, 2024
$NYA A clear breakout to new all-time highs for the NYSE Composite pic.twitter.com/zKulWce9jN
— Robert Lesnicki (@Robertlesnicki) August 23, 2024
Homebuilder ETF back near all-time highs and on pace for its highest close on record. $ITB pic.twitter.com/dxNd5qg3dl
— Bespoke (@bespokeinvest) August 23, 2024
Financial stocks continue to make new all-time highs today.
Top: Financials $XLF
Bottom: Broker-dealers $IAIDoes this look like an uptrend or downtrend to you?
Does this look like a bull market or bear market to you? pic.twitter.com/hEbl7L5x3W
— Caleb Franzen (@CalebFranzen) August 23, 2024
The $DXY Dollar Index dropped -1.7% this past week – biggest drop in 9 months and edges it up to five consecutive weeks lower.
Also the lowest close for the Greenback’s measure in 13 months pic.twitter.com/cKRRdDFLcG
— John Kicklighter (@JohnKicklighter) August 23, 2024
BREAKING: number go up
$BTC pic.twitter.com/i8eT1kIlPZ
— TrendSpider (@TrendSpider) August 23, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, August 23, 2024 appeared first on The Chart Report.
