Daily Chart Report 📈 Monday, August 19, 2024
Powered By:
Today’s Summary
Monday, August 19, 2024
Indices: Nasdaq +1.32% | Russell 2000 +1.19% | S&P 500 +0.97% | Dow +0.58%
Sectors: All 11 sectors closed higher. Technology led, gaining +1.65%. Consumer Staples lagged but still closed higher by +0.34%.
Commodities: Crude Oil futures dropped -2.49% to $73.66 per barrel. Gold futures inched higher by +0.14% to an all-time high of $2,541 per oz.
Currencies: The US Dollar Index slid -0.54% to a year-to-date low of $101.85.
Crypto: Bitcoin rose +1.83% to $59,497. Ethereum rose +0.94% to $2,637.
Volatility: The Volatility Index fell -1.01% to 14.66.
Interest Rates: The US 10-year Treasury yield fell to 3.871%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Gold Stocks vs. S&P 500
Formed a bullish inverse head and shoulders bottoming pattern.
Based on my historical gold stock data going back 100 years, the Feb 2024 low was an all-time low. pic.twitter.com/BE5m7R5prV
— Jordan Roy-Byrne CMT, MFTA
(@TheDailyGold) August 19, 2024
Today’s Chart of the Day was shared by Jordan Roy-Byrne (@TheDailyGold).
- Gold printed a fresh all-time high today after posting its first weekly close above $2,500/oz. last week. The yellow metal has outperformed the S&P 500 and its sectors this year, up more than +21% YTD.
- Gold Mining stocks ($GDX) have been lackluster over the years, but $GDX stood out last week, rising +7.4% to a two-year high. Jordan points out that $GDX looks ready to outshine the S&P 500 ($GDX/$SPX) after building an Inverted Head & Shoulders pattern over the past year.
- The “Head” of the pattern was formed six months ago after hitting an all-time low. The ratio made a higher-low in June, forming the “Right Shoulder.” If this long-term trend reverses, Gold Mining stocks could produce significant alpha in the coming years.
Takeaway: On a relative basis, Gold Mining Stocks ($GDX) have built a potential Head & Shoulders Bottom. If this bullish reversal pattern succeeds, prepare for Gold fever.
Quote of the Day
“I usually ignore advice from other traders, especially the ones who believe they are on to a “sure thing.” The old timers, who talk about “maybe there is a chance of so and so,” are often right and early.”
– Ed Seykota
Top Links
A View from the Floor with Jay Woods, CMT – Freedom Capital Markets
Jay Woods highlights some noteworthy charts to watch this week.
Alphabet (GOOGL) Turns Twenty – Bespoke
Bespoke compares Alphabet ($GOOGL) to some of the other top-performing stocks over the past two decades.
Japanese Yen Sizzles and Fizzles: Watch the August Close – Kimble Charting Solutions
Chris Kimble looks at the reversal in the Japanese Yen.
Major Difference Between 2000 and 2024 May Propel Stocks To New Highs
Chris Ciovacco breaks down the major differences between the dot-com bubble and today’s market.
Top Tweets
Ran-dumb:$SPY records an 8-day winning streak that gains more than 5%?
We’ve got 8 prior instances, today’s the 9th (dates below)$SPY‘s never closed the next trading day higher (0-8 T+1).
11/8/2023
12/29/2014
2/18/2014
7/15/2010
11/11/2009
8/27/2009
3/21/2003
6/16/1997— Steve Deppe, CMT (@SJD10304) August 19, 2024
S&P 500 $SPX will attempt to go for 9 straight green days tomorrow which would be its longest winning streak since 2004
pic.twitter.com/QCTU3NxVb7
— Barchart (@Barchart) August 19, 2024
Best 8 days for $SPX (+7.86%) since March 2022. Driven by $XLK with its best 8 days (+14%) since April 2020: pic.twitter.com/ydVhDEzA60
— Optuma (@Optuma) August 19, 2024
S&P 500 EW $RSP all-time high pic.twitter.com/XhTcORAfnY
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) August 19, 2024
$SPX sector breadth very good with every sector advancing at least +0.3% and 8 up +0.6% or more (w/ 3 over 1%, the mega-cap growth sectors). pic.twitter.com/no55eqfF7F
— Neil Sethi (@neilksethi) August 19, 2024
The Nasdaq *exited* its correction after 11 days–the shortest one since Oct 2011 pic.twitter.com/sdNiuBrV0e
— Gunjan Banerji (@GunjanJS) August 19, 2024
First higher high on the Nasdaq since early July. $QQQ
Bulls are back in the drivers seat.
pic.twitter.com/VgCuxWURz1
— TrendSpider (@TrendSpider) August 19, 2024
https://www.twitter.com//FrankCappelleri/status/1825617318191256057
From a trend-channel perspective, the cyclical advance since October 2023 Is maturing in both price & time. Recent volatility spike was arguably an initial crack, suggesting 3-9 months of additional progress toward upper diagonal. pic.twitter.com/d2paWelad3
— Mark Ungewitter (@mark_ungewitter) August 19, 2024
2023 and 2024 still look quite similar so far… pic.twitter.com/0Aa712h3e2
— Ryan Detrick, CMT (@RyanDetrick) August 19, 2024
The U.S. Dollar Index #DXY is breaking down, erasing all YTD gains. pic.twitter.com/yakRHqCtOc
— Caleb Franzen (@CalebFranzen) August 19, 2024
Crude down over -7.6% over ther last 5 trading days after today. $CL_F #Crude #Oil #OOTT pic.twitter.com/rrdYUPDp1E
— Lighthouse Macro (@LHMacro) August 19, 2024
$NVDA Simple line chart does a lot of talking.. pic.twitter.com/xLtcEXTr7j
— Theta Warrior (@ThetaWarrior) August 19, 2024
Gains from the panic lows two weeks ago…
Nvidia $NVDA: +43%
Tesla $TSLA: +22%
Bitcoin $BTC: +20%
Nikkei 225 $NIKK: +20%
Meta $META: +18%
Amazon $AMZN: +18%
Netflix $NFLX: +17%
Apple $AAPL: +15%
Nasdaq 100 $QQQ: +14%
S&P 500 $SPY: +10%
Microsoft $MSFT: +9%
Google $GOOGL: +8% pic.twitter.com/k18I8LPBHl— Charlie Bilello (@charliebilello) August 19, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, August 19, 2024 appeared first on The Chart Report.
