Daily Chart Report 📈 Monday, August 12, 2024
Powered By:
Today’s Summary
Monday, August 12, 2024
Indices: Nasdaq 100 +0.16% | S&P 500 0.00%| Dow -0.36%| Russell 2000 -0.91%
Sectors: 3 of the 11 sectors closed higher. Technology led, gaining +0.82%. Communications lagged, falling -0.69%.
Commodities: Crude Oil futures gained +4.19% to $80.06 per barrel. Gold futures rose +1.24% to an all-time high of $2,504 per oz.
Currencies: The US Dollar Index was flat at $103.13.
Crypto: Bitcoin rose +1.08%to $59,362. Ethereum gained +6.55% to $2,723.
Volatility: The Volatility Index rose +1.77% to 20.72.
Interest Rates: The US 10-year Treasury yield fell to 3.907%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$SPX Nearly back to the scene of the crime. pic.twitter.com/ipN4dqJ5ke
— Frank Cappelleri (@FrankCappelleri) August 12, 2024
Today’s Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri).
- The S&P 500 was completely unchanged today as buyers and sellers wait to digest the feast of economic data due out this week.
- $SPX broke the neckline of a two-month Head & Shoulders pattern, around 5,400, on Friday, Aug. 2nd, before gapping lower by -3% the following Monday. This bearish pattern has already met its downside objective using a measured move price target.
- After a sharp bounce, Frank points out that $SPX has returned to the scene of the crime (5,400). Reclaiming this former support level is the only item on the Bulls’ to-do list this week.
The Takeaway: After completing a Head & Shoulders Top last week, $SPX is retesting the neckline at 5,400. Reclaiming 5,400 would open the door to all-time highs. However, failing to reclaim it could lead to a retest of last week’s low. This will be a big test for the bulls.
Quote of the Day
“Chart patterns are not the cause; they’re the effect. Human behavior hasn’t changed and isn’t likely to change much in the future.”
– Mark Minervini
Top Links
1968 Analog Resonates Not 1987 – Almanac Trader
Jeff Hirsch compares the S&P 500 in 2024 to the 1968 analog.
A View from the Floor with Jay Woods, CMT – Freedom Capital Markets
Jay Woods highlights some key developments to watch this week.
Lessons From the Market Meltdown – CNBC
Joe Fahmy shares his thoughts on the recent correction in the Nasdaq and the big-picture trends at play.
The Dust Has Settled. What’s Next for Bonds? – All Star Charts
Ian Culley examines the outlook for Bonds.
Theses – The Weekly Trend
Ian McMillan and David Zarling discuss the major trends across the markets.
Top Tweets
Mixed close as all eyes turn to PPI tomorrow
$DIA -0.36%
— Stocktwits (@Stocktwits) August 12, 2024
No big sector moves today
PPI, CPI, Retail Sales & IP, UMich all on tap next 4 days pic.twitter.com/Bi2IsymDDe
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) August 12, 2024
We also still have an AVWAP from the April lows to get through…$SPX $SPY pic.twitter.com/omxVnT9TGH
— Ian McMillan, CMT (@the_chart_life) August 12, 2024
VIX above 50?
Yes, tends to be quite rare and it happens in clusters, but did you know the S&P 500 was higher a year later 91 out of 92 times? pic.twitter.com/Jpt3z4n0CB
— Ryan Detrick, CMT (@RyanDetrick) August 12, 2024
We are not starting a New #Bull but the recent jump in EW S&P relative price is an indication it may “feel” a little like a new Bull. As shown below when EW S&P relative jumps, it has often marked the start of a new bull market. See my work @ https://t.co/GnvhsNbZ1n pic.twitter.com/eVy2CBxFgq
— Jim Paulsen (@jimwpaulsen) August 12, 2024
Last week, pessimism surged at the fastest pace since November 2022.
When fear spikes like this in bull markets:
1-month, 3-month and 6-month forward returns have been better than avg
— Callie Cox (@callieabost) August 12, 2024
$SPX has had 4 consecutive down weeks 25 times since 2000. Avg gain the following week is +1.82%. Avg 6 month performance: pic.twitter.com/ZYsyeAHmM7
— Optuma (@Optuma) August 12, 2024
$GLD weekly trying to clear the top of the range. Could be a choppy week this week with PPI, CPI and jobless claims. pic.twitter.com/WiT5kLBh6J
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) August 12, 2024
Natural Gas on track for its 5th consecutive green day, the longest winning streak since early May. Interesting to note it may have bottomed at the exact level the last winning streak began! pic.twitter.com/TZbMks89IP
— Barchart (@Barchart) August 12, 2024
Helluva round trip for $UVIX pic.twitter.com/sYxAHEIcBU
— Jim Carroll (@vixologist) August 12, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, August 12, 2024 appeared first on The Chart Report.
