Daily Chart Report 📈 Tuesday, August 27, 2024
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Today’s 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
After having taking a rest post its blow-off…COPPER is gently taking off from its combo support of the 200 WEEKS MAV and the FIBO retracement.
Green light! pic.twitter.com/YRTjcQo4nX— conradseric, CMT, CAIA, CEFA (@conradseric) August 27, 2024
Today’s 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
“One glance is worth a thousand earnings forecasts. The tape tells all, and our job is to learn how to listen properly.”
– Stan Weinstein
Top Links
Nvidia to Replace Intel in the Dow – 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 BTIG’s Krinsky – MarketWatch
Jon Krinsky shares his technical outlook for the S&P 500.
Dow Jones Utilities Index Nears Inflection Point! – See it Market
Chris Kimble points out that the Dow Utilities Index is testing a key level.
Wednesday Best Day Before Labor Day Weekend – Almanac Trader
Jeff Hirsch looks at how stocks have historically performed around Labor Day.
Top Tweets
SPX, Nasdaq & DJIA move from mildly negative to mildly positive during the day but RUT not able to make much progress out of negative territory. pic.twitter.com/VX36cH42In
— Neil Sethi (@neilksethi) August 27, 2024
It’s currently the 35th week of the year. Historically for the $SPX, the 34th, 35th and 36th offer an extended lull in volume.
After that curb on activity comes what is historically the index’s worst run of performance of the calendar year (over the past century): pic.twitter.com/cVrQ8eJoBj
— John Kicklighter (@JohnKicklighter) August 27, 2024
$SMH – The strong bounce out of the August low was stopped on Thursday by the 50 DMA. Since then we’ve seen a pullback that filled the gap from August 15 at today’s low. It needs a close above the 50 DMA on Thursday to confirm that the August 5 low was an intermediate term low. pic.twitter.com/Pn09URTiUC
— CyclesFan (@CyclesFan) August 27, 2024
REITs no longer in ruins $VNQ
Price > rising 50dma > rising 200dma pic.twitter.com/bKBBEBEzvO
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) August 27, 2024
Home Construction stocks keep going up in price because housing is going to make the stock market crash $ITB pic.twitter.com/QljIDcgUxf
— J.C. Parets (@allstarcharts) August 27, 2024
So much for the commodity Supercycle; a few years ago, grain markets such as corn, wheat, and soybeans were at, or near, all-time highs. Few fundamental analysts were willing to accept the prospects of high prices curing high prices; at the time, the world’s breadbasket, Ukraine,… pic.twitter.com/rOzeyQ4U4q
— DeCarleyTrading.com (@carleygarner) August 27, 2024
#Gold is looking fairly bullish here – bounced off the previous breakout level $2480 and now forming a potential cup-and-handle pattern on the 4hr chart.
A clean break above $2530 could set the stage for a continuation toward $2600 next. pic.twitter.com/ZogOFVpPFj
— Matt Weller CFA, CMT (@MWellerFX) August 27, 2024
Thinking gold stocks make a big push soon…$GDX flagging here above rising 10d SMA. pic.twitter.com/mhP3JkZqUP
— Justin Spittler (@JSpitTrades) August 27, 2024
One of the important things I look for in a trade is if it has a well-defined risk point where I can say “I am wrong” and cut my losses.$ETH is a well-defined short-side trade. Above 2830 or so the trade is wrong pic.twitter.com/Iox0NTARTk
— Peter Brandt (@PeterLBrandt) August 27, 2024
Bad news for the $BTC bulls:
Since 2011, September has been the WORST performing month for Bitcoin:
33% win rate and average return of -2.66%
https://t.co/J3HvTAPIYg pic.twitter.com/hqm7HYoNw1
— TrendSpider (@TrendSpider) August 28, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, August 27, 2024 appeared first on The Chart Report.
