Daily Chart Report 📈 Friday, August 16, 2024
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Today’s Summary
Friday, August 16, 2024
Indices: Russell 2000 +0.30% | Dow +0.24% | S&P 500 +0.20% | Nasdaq +0.09%
Sectors: 8 of the 11 sectors closed higher. Financials led, gaining +0.74%. Industrials lagged, inching lower by -0.14%.
Commodities: Crude Oil futures dropped -3.35% to $75.54 per barrel. Gold futures rose +1.82% to an all-time high of $2,538 per oz.
Currencies: The US Dollar Index slid +0.62% to a seven-month low of $102.40.
Crypto: Bitcoin rose +2.30% to $58,883. Ethereum rose +0.90% to $2,594.
Volatility: The Volatility Index dropped -2.69% to 14.81.
Interest Rates: The US 10-year Treasury yield fell to 3.884%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
S&P 500 – best week since last October
+3.9% pic.twitter.com/NsQTbhVlUz
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) August 16, 2024
Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi).
- The S&P 500 had a perfect week, rising every single day. It closed higher by +3.93%, marking the best week since exiting the correction lows last October.
- $SPX needed to reclaim 5,400 this week, and it did so with conviction. It also reclaimed the 50-DMA, the neckline of a Head & Shoulders Top, the 61.8% Fibonacci retracement, and the VWAP from all-time highs.
- $SPX is only -2% below record highs after correcting -8.5% on a closing basis and -9.7% on an intraday basis. At this point, there’s virtually no resistance to stop it from breaking out next week.
Takeaway: The S&P 500 rose every day this week, closing higher by +3.9%. Not only was it the best week of the year, it was the best week since exiting the correction last October. After reclaiming 5,400, the only thing on the bull’s to-do list next week will be all-time highs, which are about +2% higher.
Quote of the Day
The music is not in the notes,
but in the silence between.
– Mozart
Top Links
Stock Market Analysis August 16 2024 – Alphatrends
Brian Shannon breaks down this week’s price action and some key levels to watch next week.
Trade Small on Heightened Volatility – Schwab Network
Jerry Parker offers his thoughts on the current market environment.
The 79th Element Continues To Shine – All Star Charts
Sam Gatlin examines the outlook from Precious Metals.
Will XRT (Retail) Sink or Soar? Here’s What the Charts Say – StockCharts
Karl Montevirgen looks at what could be next for Retail stocks.
Broad Market – The Weekly Trend Podcast
In this podcast, Ian McMillan and David Zarling discuss the notable trends and themes across the markets.
Top Tweets
https://www.twitter.com//Barchart/status/1824578873884807580
The $SPX is on pace for its 7th consecutive day’s advance.
Through the bearish phase in the second half of July through Aug 3, it was a 14-day and -8.5% drop.
The upswing since has been +7% in 9.
Not typical to see a faster climb than tumble… pic.twitter.com/pI5PtyhZ9K
— John Kicklighter (@JohnKicklighter) August 16, 2024
Random:
The S&P 500 ended it’s 4-week losing streak this week, jumping 3.93%.
Let’s call it a “4 down & Up” pattern on the weekly chart.
Here are all instances that closed within -5% of the all-time high weekly close. $spx pic.twitter.com/xLOja59M4A
— Steve Deppe, CMT (@SJD10304) August 16, 2024
$GDX Weekly. We ready? pic.twitter.com/rJvtmGdmId
— Brian G (@alphacharts) August 16, 2024
A leadership theme should hold up better than the market during a decline and recover back to the surface like a cork released from under water.
Financials #ETF $XLF looks like it will make a weekly new high today. Financials are our largest sector overweight and have been… pic.twitter.com/5O53wVOaIN
— David Burrows (@barometerca) August 16, 2024
The Communication Services Sector SPDR $XLC is back above the prior cycle high. This sector is 23.9% $GOOG and 22.5% $META pic.twitter.com/Ry76TVMwAE
— Sam Gatlin (@sam_gatlin) August 17, 2024
Gold shines as $GLD finishes the week at its highest level ever. pic.twitter.com/Kv3qvHhU72
— Willie Delwiche, CMT, CFA (@WillieDelwiche) August 16, 2024
Alert on Gold.
In all markets, the Friday close is the most significant price of the week.
Gold is poised to post its fourth consecutive all-time Friday high
Might the trend be considered as UP?? $GLD $GC_F pic.twitter.com/S0SpXYxtY6— Peter Brandt (@PeterLBrandt) August 16, 2024
GLD breakout eyes 265, basis 3% box size. pic.twitter.com/hMKe9H9UCC
— Mark Ungewitter (@mark_ungewitter) August 16, 2024
The US Dollar Index $DXY is poised for its lowest weekly close since mid-January.
Possible support just below 102.00, followed by 100.60, but “King Dollar” is not looking great for bulls as it stands. pic.twitter.com/ZvD8gbke40
— Matt Weller CFA, CMT (@MWellerFX) August 16, 2024
All the way back to the scene of the crime$HYG $IEI pic.twitter.com/57qvyT59YB
— David Rath, CMT, CFA (@DJwrath) August 16, 2024
August pic.twitter.com/nF20m0F1rk
— Bespoke (@bespokeinvest) August 16, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, August 16, 2024 appeared first on The Chart Report.
