Daily Chart Report 📈 Friday, August 2, 2024
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Today’s Summary
Friday, August 2, 2024
Indices: Dow -1.51% | S&P 500 -1.84% | Nasdaq 100 -2.38% | Russell 2000 -3.52%
Sectors: 3 of the 11 sectors closed higher. Consumer Staples led, gaining +0.88%. Consumer Discretionary lagged, dropping -3.68%.
Commodities: Crude Oil futures dropped -3.66% to $73.52 per barrel. Gold futures fell -0.44% to $2,470 per oz.
Currencies: The US Dollar Index had its worst day of the year, dropping -1.08% to $103.13.
Crypto: Bitcoin dropped -5.93% to $61,421. Ethereum slid -6.71% to $2,986.
Volatility: The Volatility Index surged +25.83% to a new 52-week high of 23.38.
Interest Rates: The US 10-year Treasury yield dropped to a new 52-week low of 3.794%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Bonds vs. stocks. $agg relative to $spy. Big move this week. For passive portfolios that haven’t rebalanced for a long time, looks like the market took care of some of the work pic.twitter.com/cr7ybczjrK
— Gregory Krupinski (@G_krupins) August 2, 2024
Today’s Chart of the Day was shared by Gregory Krupinski (@G_krupins).
- The S&P 500 ($SPY) closed lower for the third consecutive week, dropping -2.12%.
- While Stocks had their second-worst week of the year, Bonds had their best week in well over a year. The U.S. Aggregate Bond ETF ($AGG) rose +2.04%, scoring its first 52-week high since July 2020.
- Greg points out that it was a great week for the 60/40 portfolio. $AGG/$SPY jumped +4.25%, marking it’s best week since March 2023. However, this was a risk-off move, indicative of a flight to safety.
The Takeaway: Bonds broke out to new 52-week highs, while Stocks sold off for the third straight week. The 60/40 portfolio is working again, but there’s nothing bullish about this flight to safety.
Quote of the Day
“If you’re not grateful, you’re not rich,
no matter how much you have.”
– John Templeton
Top Links
Stock Market Analysis August 2, 2024 – Alphatrends
Brian Shannon breaks down this week’s sell-off and some key levels to watch next week.
Treasury Rally Enters its Fourth Month – Bespoke
Bespoke looks at the rebound in Treasury Bonds.
It’s Like a Brick Wall – All Star Charts
JC Parets shares his thoughts on the current market environment.
It’s Been a Long Time Mr Bear, Where Have You Been? – RRG Charts
Julius de Kempenaer examines recent sector rotation within the S&P 500.
Hot Julys Often Lead to Market Slides for the Dow – Almanac Trader
Jeff Hirsch points out that a strong July has historically led to a meaningful pullback in the second half of the year.
Top Tweets
$SPY $SPX $QQQ $IWM pic.twitter.com/kX9wmk378n
— The Maverick of Wall Street (@TheMaverickWS) August 2, 2024
Officially the second 5% mild correction of ’24 for the S&P 500.
The average year tends to see more than three a year. pic.twitter.com/Tbbus7un8x
— Ryan Detrick, CMT (@RyanDetrick) August 2, 2024
Utes $XLU best this week, +4.3%
Tech $XLK worst -5.3% pic.twitter.com/0sLKte1njl— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) August 2, 2024
Can the S&P chart be viewed as a H&S top pending a confirming close? Not sure, but I think yes. Risk is well defined anyway. I block ppl who make stupid comments. $ES_F pic.twitter.com/kGPTBxtQaF
— Peter Brandt (@PeterLBrandt) August 2, 2024
#SPX 5,335 levels acted as short-term support. pic.twitter.com/wGXOaBq99F
— Aksel Kibar, CMT (@TechCharts) August 2, 2024
Equal-weight Nasdaq 100 is negative YTD pic.twitter.com/QhYOS3cAEM
— Matt Caruso, CFA, CMT (@Trader_mcaruso) August 2, 2024
The $VIX just crossed above 28, highest since March 2023 during the regional bank crisis. There was an excessive amount of bullish sentiment a few weeks ago. Now moving quickly to fear. Many become more bearish as the market moves lower – you want to have the opposite mentality. pic.twitter.com/ztF7GL2pQO
— Charlie Bilello (@charliebilello) August 2, 2024
Haven’t seen basis that juicy since 2020… $VIX traded 7 pts over Aug fut this morning! Spot closes 6pts off its highs, Aug fut a mere 0.70 of its highs.
Usually a sign of someone getting blown out short SPX vol… dispersion strategies covering index shorts? pic.twitter.com/Chg1l4bsnr
— Pat Hennessy, CMT (@pat_hennessy) August 2, 2024
Buy the dip? The @NDR_Research chart below identifies times when the SPY fell 3% or more at the same time ETF flows increased by 3% over 10 days. Since 2010, many of the signals occurred near tradeable lows, based on results 21 and 126 days later. The latest signal occurred on… pic.twitter.com/2fljq6WCbX
— Day Hagan Asset Management (@DayHagan_Invest) August 2, 2024
$TLT We have liftoff.
Going for highest weekly volume in over three months. pic.twitter.com/KIhC0RXICI
— TrendSpider (@TrendSpider) August 2, 2024
widen significantly as Treasuries rally hard pic.twitter.com/60CQb6GJDa
— Christian Fromhertz
(@cfromhertz) August 2, 2024
No relief for yields into the close – the 2yr Treasury yield is down to 3.88%, a 15-month low.
— Matt Weller CFA, CMT (@MWellerFX) August 2, 2024
Not very often you see this: The 1-month bill has the highest yield in the table… pic.twitter.com/C92zxWRp6u
— Walter Deemer (@WalterDeemer) August 2, 2024
$SPX here’s the way I see it pic.twitter.com/GQHW9d98fV
— StockCats (@RealStockCats) August 2, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, August 2, 2024 appeared first on The Chart Report.
