Daily Chart Report 📈 Thursday, August 15, 2024
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Today’s Summary
Thursday, August 14, 2024
Indices: Nasdaq +2.46% | Russell 2000+2.45%| S&P 500 +1.61% | Dow +1.39%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining +3.19%. Real Estate lagged, falling -0.29%.
Commodities: Crude Oil futures rose +1.53% to $78.16 per barrel. Gold futures gained +0.51% to $2,492 per oz.
Currencies: The US Dollar Index rose +0.46% to $103.04.
Crypto: Bitcoin fell -1.94% to $55,557. Ethereum fell -3.43% to $2,571.
Volatility: The Volatility Index dropped -6.05% to 15.22.
Interest Rates: The US 10-year Treasury yield rose to 3.915%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Charlie Bilello (@CharlieBilello).
- The Volatility Index ($VIX) closed at 15.22 today after spiking to its third-highest level in history last week. It closed at 38.57 last Monday, which was already significantly off its intraday high of 65.78. It’s down -60.5% from Monday’s close, falling in seven of the past eight sessions.
- Charlie points out that this has been the biggest eight-day volatility crash on record. The S&P 500 is up +6.9% over the same period, marking its best eight-day rally since launching off the bear market low in November 2022.
- Looking at the other 19 significant $VIX crashes in history, Charlie points out that the S&P 500 has typically had above-average returns across all time frames measured (1mo, 3mo, 6mo, 1yr, 2yr, 3yr, 4yr, 5yr).
Takeaway: The Volatility Index ($VIX) has fallen –60.5% over the past eight days, marking the largest volatility crash on record. When the $ VIX crashes at this rate, the S&P 500 has historically performed better than usual.
Quote of the Day
“Short term volatility is greatest at turning points and diminishes as a trend becomes established.”
– George Soros
Top Links
Steps for a New Uptrend – CappThesis
Frank Cappelleri breaks down the recent rebound in the S&P 500 and what to watch in the days ahead.
Strength Off the Lows, But Concerns Remain – StockCharts
Julius de Kempenaer examines recent sector rotation within the S&P 500.
It’s Not Just Tech – Look at Canada eh! – All Star Charts
JC Parets highlights the strength in Canada.
What is Seasonality and How to Use it When Investing – Yahoo Finance
Ryan Detrick joins Jared Blikre to discuss the recent volatility, seasonality, the AI trade, and more.
Top Tweets
The S&P 500 $SPY is now positive for the month of August. pic.twitter.com/uc3DWlsVnE
— Caleb Franzen (@CalebFranzen) August 15, 2024
Never filled… https://t.co/q6BVJhTtJw pic.twitter.com/Ej6stms8J8
— Walter Deemer (@WalterDeemer) August 15, 2024
That was quick! home sweet home lasted 1 day. If the markets close above 5 SMA tomorrow (very high odds), it will be day 7 of extended run up – implying the weekly technicals are firmly in control! pic.twitter.com/uDe8h8GO2w
— Linda Raschke (@LindaRaschke) August 16, 2024
Tech has surged 11.2% over the past 6D.
– Only seen a few times since 2019
– All have marked important “lows”
– And preceded strong rallies— Matt Cerminaro (@mattcerminaro) August 15, 2024
NAAIM exposure index at lowest level since January and meaningfully below 60% for only the second time since November. https://t.co/zoRDw2RQMv pic.twitter.com/dPQ1lCheIe
— Willie Delwiche, CMT, CFA (@WillieDelwiche) August 15, 2024
Junk bonds, continuing to make new 52 week highs. pic.twitter.com/HBdWbyukfg
— Against All Odds Research (@JasonP138) August 15, 2024
Not all bounces are created equal.
$BTC and $IWM severely underperforming $SPY and $QQQ since finding a bottom last Monday. pic.twitter.com/VoarWe0Pc3
— TrendSpider (@TrendSpider) August 15, 2024
High beta vs Low beta has rolled over, and now in a downtrend. In bull markets, there is no consistency among sector leadership (it’s not always tech), but it’s almost always high beta. That is now working against you. $SPX pic.twitter.com/ZgoQkuVuaO
— RenMac: Renaissance Macro Research (@RenMacLLC) August 15, 2024
#vix < 15.50% after previously above 30.00% pic.twitter.com/0EyD8AWfM9
— Nautilus Research (@NautilusCap) August 15, 2024
VIX is down 1.5 points this month – I guess it hasn’t been particularly volatile lately? pic.twitter.com/7jDssu204M
— Matt Weller CFA, CMT (@MWellerFX) August 15, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, August 15, 2024 appeared first on The Chart Report.
