Daily Chart Report 📈 Monday, August 26, 2024
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Today’s Summary
Monday, August 26, 2024
Indices: Dow +0.16% | Russell 2000 -0.04% | S&P 500 -0.32%| Nasdaq -1.04%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +0.90%. Tech lagged, falling -1.25%.
Commodities: Crude Oil futures gained +3.46% to $77.42 per barrel. Gold futures rose +0.35% to an all-time high of $2,555 per oz.
Currencies: The US Dollar Index bounced +0.18%to $100.86.
Crypto: Bitcoin fell -2.19%to $62,852. Ethereum fell -2.43% to $2,681.
Volatility: The Volatility Index gained +1.83% to 16.14.
Interest Rates: The US 10-year Treasury yield rose to 3.818%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Highest daily closing price ever for the Dow Jones Industrial Average. The price-weighted index closed the day +0.16% but it was enough to surpass the July highs. #newalltimehighs $DJIA $DJI $DIA pic.twitter.com/EFRV1PGXsu
— Shane C. Murphy (@murphycharts) August 26, 2024
Today’s Chart of the Day was Shane Murphy (@murphycharts).
- The Dow Jones Industrial Average booked an all-time high today for the first time since mid-July. It only rose +0.16%, but that was notably better than the Nasdaq, which dropped -1.04%.
- It peaked on July 18th before correcting -6.1% on a closing basis and -7.0% on an intraday basis.
- The Dow was the first major index to recover to all-time highs after the bear market, and it has also been the first to recover from the recent correction.
Takeaway: Today, the Dow reached all-time highs for the first time since mid-July. It wasn’t a very convincing breakout, so further confirmation is necessary, but it’s the first index to recover from the recent correction.
Quote of the Day
“The world is a tragedy to those who feel, but a comedy to those who think.”
– Horace Walpole
Top Links
A View from the Floor with Jay Woods, CMT – Freedom Capital Markets
Jay Woods highlights several key areas to watch this week.
We Call That Bull Market Breadth – All Star Charts
JC Parets looks at the recent breadth improvement.
Market Navigator: Playing Big Pharma and Eli Lilly – CNBC
Katie Stockton shares her technical perspective on Health Care and Pharmaceutical stocks.
Stronger than You’d Think – The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the notable trends and themes across the market.
Top Tweets
New ATH for the Dow. pic.twitter.com/Cvc0FYw41F
— Eddy Elfenbein (@EddyElfenbein) August 26, 2024
While the DOW posted an all-time intraday high today, the Nasdaq 100 showing quite different. Significant lower high.
(not a recommendation) pic.twitter.com/p4b7EHamlK— Brent Moors (@BrentMoorsCS) August 26, 2024
$NDX – Tested the 50 day MA again. This could be a consolidation around the 50 DMA that will lead to a new all time high in September or the start of a downtrend that will lead to a retest of the low. A close below the 50 DMA would lead to the 20 DMA at 19000. pic.twitter.com/vIVCSdMNpu
— CyclesFan (@CyclesFan) August 26, 2024
Here’s the rotation at work on the 30m roadmap
chart.$SPY $IWM $DIA all above the 5-day MA. $QQQ below. pic.twitter.com/sTEDkLWsem
— Andrew Moss, CMT (@Andy__Moss) August 26, 2024
Keep your
on this: Crude oil prices have rallied over 7% in three days on geopolitical concerns (conflict in the Middle East and Libya supply disruptions). pic.twitter.com/jbwvXY0zPv
— Liz Young Thomas (@LizThomasStrat) August 26, 2024
WTI Crude Oil ETF $USO best 3-day rally since March 2023
+7.2% pic.twitter.com/nvwPtwpQ2H
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) August 26, 2024
Fascinating chart of Brent North Sea Crude Oil.
Large symmetrical triangle — this is not an idea pattern and a pattern that could breakout in either direction, so head up traders $IC_F $CL_F pic.twitter.com/qT2iUKShgD— Peter Brandt (@PeterLBrandt) August 26, 2024
I love when fundamentals and technicals align.
The Eastern Libya production stop came right after WTI Crude Oil had formed a bullish divergence with the 14-day RSI at support.
The 1-month high sits above $79. pic.twitter.com/t527xnm8AE
— Matt Weller CFA, CMT (@MWellerFX) August 26, 2024
10 yr note positioning (COT) is interesting. Despite the recent rally, the ownership profile is extremely bullish (similar to the 2018 fixed income low) $ZN_F $IEF $TLT pic.twitter.com/WMaBlsklrg
— Jamie Saettele, CMT (@JamieSaettele) August 26, 2024
Arabica Coffee, “The Good Stuff,” is approaching all-time highs set more than 2 years ago pic.twitter.com/hAkzf9ALEk
— Barchart (@Barchart) August 26, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, August 26, 2024 appeared first on The Chart Report.
