Daily Chart Report 📈 Thursday, August 1, 2024
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Today’s Summary
Thursday, August 1, 2024
Indices: Dow -1.21% | S&P 500 -1.37% | Nasdaq 100 -2.44% | Russell 2000 -3.03%
Sectors: 5 of the 11 sectors closed higher. Utilities led, gaining +1.80%. Technology lagged, dropping -3.73%.
Commodities: Crude Oil futures fell -2.05% to $76.31 per barrel. Gold futures rose +0.32% to an all-time high of $2,481 per oz.
Currencies: The US Dollar Index rose +0.32% to $104.34.
Crypto: Bitcoin rose +1.05% to $65,293. Ethereum fell -0.93% to $3,201.
Volatility: The Volatility Index jumped +13.50% to 18.58.
Interest Rates: The US 10-year Treasury yield dropped to a five-month low of 3.982%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
S&P 500 found support at the 50-day MA but now finding resistance at the 20-day MA. #MovingAverageBattle $SPY $SPX pic.twitter.com/G6JYSgNuQH
— Andrew Thrasher, CMT (@AndrewThrasher) August 1, 2024
Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher).
- The S&P 500 kicked off August on a bearish note today, dropping -1.37%. The index erased most of yesterday’s gain, printing an infamous Bearish Engulfing candle.
- Andrew notes that $SPX is caught between two moving averages. It launched off its rising 50-DMA (blue) yesterday but closed at it again today after failing to reclaim its declining 20-DMA (red).
- $SPX also failed to reclaim the rising trendline off the October ’23 low again today.
The Takeaway: The short-term trend is turning lower, but the longer-term trend remains higher. If the 50-DMA breaks, the 200-DMA is currently ~8% lower, around 5,000.
Quote of the Day
“Progress is cumulative in science and engineering, but cyclical in finance.”
– Jim Grant
Top Links
Selling Accelerates – Trading Adventures
Andy Moss breaks down the recent price action in the S&P 500.
Japanese Yen: Update Your Priors – All Star Charts
Ian Culley examines the outlook for the Yen.
Small Caps Poised to Soar: Is Now The Time To Buy IWM? – StockCharts.com
Karl Montevirgen looks at the recent rebound in Small Caps.
Can Stocks Predict Another Election Outcome? – LPL Financial Research
Adam Turnquist points out that the stock market has a solid track record of predicting election outcomes.
Top Tweets
$SPX trading at levels not seen since Tuesday.
pic.twitter.com/FhTsUwMcwM
— Jim Carroll (@vixologist) August 1, 2024
Gotta love it when old #support comes back as #Resistance https://t.co/Hbrikv24Ho pic.twitter.com/N2kmpEQrw9
— Julius de Kempenaer | RRG® (@RRGresearch) August 1, 2024
So clean $SPX – bearish outside day now after the trendline tag / gap fill. pic.twitter.com/DSD4hi9qoG
— Jamie Saettele, CMT (@JamieSaettele) August 1, 2024
If the $SPX finishes with a 1% decline today, it would be the first 1% loss the day AFTER a 1% gain since 8/23-8/24/23. pic.twitter.com/gBDjfARO7r
— Frank Cappelleri (@FrankCappelleri) August 1, 2024
Chips sell off most since March 2020 $SOX #AIUnwind pic.twitter.com/e6Mjrz7J0b
— Abigail Doolittle (@TheChartress) August 1, 2024
$IWM 2nd-worst sessions since November 2022 pic.twitter.com/xrqXJ6OHIh
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) August 1, 2024
Some people tell you that the market is due for a major correction (usually the same ones that have been telling you that for 2 years). But looking at the Mid-cap400, it just completed a major multi-year correction, and is now resolving higher to close at new all-time highs pic.twitter.com/GrVLiS9Gi8
— J.C. Parets (@allstarcharts) August 1, 2024
Make no mistake…the rate of change of the VIX over the past 3 weeks is the WORST since the infamous 50bps hike is on the table of April 2022.
The COMBO of July CPI and Trump shooting has unleashed the beast. pic.twitter.com/w562vIrQL4— conradseric, CMT, CAIA, CEFA (@conradseric) August 1, 2024
I have no idea what to make of today’s price action… but, I do know that this is how bad things begin…
Credit spreads making a big move today. Biggest daily spike since January. Hitting highest level since February.
* $IEI $HYG is a crude measure for credit spreads * pic.twitter.com/v20iCuwagj
— Steven Strazza (@sstrazza) August 1, 2024
The Goldman US panic index is calculated as a rolling percentile of four equity volatility metrics.
It spiked to one of the highest levels in two years in recent sessions… pic.twitter.com/eS9XJLqiYB
— Jason Goepfert (@jasongoepfert) August 1, 2024
The cyclical advance since Oct 2022 recently matched the duration of the prior cyclical advance. –Trivia Dept. pic.twitter.com/Vh9YkvsyeE
— Mark Ungewitter (@mark_ungewitter) August 1, 2024
Bitcoin… a major move is coming! pic.twitter.com/NqRsifYigD
— Against All Odds Research (@JasonP138) August 1, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, August 1, 2024 appeared first on The Chart Report.
