Daily Chart Report 📈 Thursday, August 8,, 2024
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Today’s Summary
Thursday, August 8, 2024
Indices: Nasdaq +3.06% | Russell 2000 +2.42% | S&P 500 +2.30% | Dow +1.76%
Sectors: All 11 sectors closed higher. Tech led, gaining +3.73%. Utilities lagged but still inched higher by +0.11%.
Commodities: Crude Oil futures rose +1.28% to $76.19 per barrel. Gold futures gained +1.27% to $2,463 per oz.
Currencies: The US Dollar Index inched higer by +0.05% to $103.24.
Crypto: Bitcoin jumped +12.36% to $61,952. Ethereum surged -14.60% to $2,685.
Volatility: The Volatility Index dropped -14.58% to 23.78.
Interest Rates: The US 10-year Treasury yield rose to 3.992%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
How many times will we get a chance at this trade? Will this one fail?
The pops have gotten weaker each time. What do you think? #Bitcoin pic.twitter.com/wds0s9eqVe— Against All Odds Research (@JasonP138) August 8, 2024
Today’s Chart of the Day was shared by Jason Perz (@JasonP138).
- Bitcoin reclaimed a critical support level, around $58k today, signaling a Failed Breakdown. If Bitcoin is above $58k, the bears are trapped, and the path of least resistance is higher in the near term.
- Jason points out that this is the second Failed Breakout of the Summer. The one in July wasn’t very successful, producing a lower high. After making a lower low on Monday, the Bulls need a higher high next.
- Bitcoin broke out to all-time highs in February, but it’s been rangebound between $58k ~ $70k for nearly six months now. The rest of the crypto market will be a mess until Bitcoin starts to trend higher again.
The Takeaway: Bitcoin reclaimed support at $58k today after breaking down over the weekend, marking the second Failed Breakdown of the Summer. Bulls need this one to produce a higher high after failing to do so last time.
Quote of the Day
“When deciding to sell, people have control over whether to give themselves pleasure or give themselves pain, and they tend to give themselves pleasure. In other words, they tend to sell winners and hang on to losers. It turns out to be a bad idea.”
– Daniel Kahneman
Top Links
Why Sentiment Changes So Quickly – The Next Big Move
Joe Fahmy shares his thoughts on sentiment and this week’s volatility.
A Deeper Dive Into the Carry Trade – LPL Financial Research
Adam Turnquist examines the unwind in the Yen Carry Trade that shocked the markets on Monday.
Stock to Bond Ratio Testing Important Price Support! – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the Stock/Bond ratio.
Opportunities in today’s market with Jay Woods, Chief Global Strategist at Freedom Capital Markets – FintechTV
Jay Woods makes sense of this week’s volatility.
New Blackrock ETF Marks the Top – All Star Charts
JC Parets looks at a potential top in the Tech sector.
Top Tweets
*S&P 500 RISES 2.3% IN BIGGEST ONE-DAY GAIN SINCE NOVEMBER 2022
Monday was the S&P 500’s biggest one-day loss since September 2022
Thursday was the S&P 500’s biggest one-day gain since November 2022
Any guesses on tomorrow and into next week? pic.twitter.com/1goSuZecgU
— Jim Bianco (@biancoresearch) August 8, 2024
Those are some pretty looking weekly candles.
Bulls NEED to end the week strong, one day left!
$SPY $QQQ pic.twitter.com/RAABojQQCy
— TrendSpider (@TrendSpider) August 8, 2024
#NQ_F, 2hr
Which scenario will play out? pic.twitter.com/dmcNaWRUXQ
— Yuriy Matso (@yuriymatso) August 8, 2024
$SPX The beginning stages of short-term bullish formations are taking shape. pic.twitter.com/nCXmBW5CNo
— Frank Cappelleri (@FrankCappelleri) August 8, 2024
S&P 500: The current low for the week was made at 9:31 am ET Monday, which does not look like distribution. The S&P 500 closed well above Monday’s low, above the gap from Monday’s open, and above the 100-day moving average. $SPX $SPY pic.twitter.com/vT11ZKiY8F
— Chris Ciovacco (@CiovaccoCapital) August 8, 2024
$SPX bears flags. Let’s see how this one plays out in the coming days.$SPY $QQQ @Optuma pic.twitter.com/QquPMeHEzB
— Mo (@optionflys) August 8, 2024
Do you think small-caps can maintain this key level? $IWM pic.twitter.com/Aq5UwLorO9
— Alfonso Depablos, CMT (@AlfCharts) August 8, 2024
A Peak in Put/Call has led to intermediate-term lows in Equities.
— Matt Cerminaro (@mattcerminaro) August 8, 2024
For only the 21st time since 1928, the S&P 500 closed more than 1.8% below its lower Bollinger Band, with the index in a long-term uptrend. Similar price patterns preceded an 85% win rate for the world’s most benchmarked index over the subsequent six months. pic.twitter.com/BqbqV39Oip
— SentimenTrader (@sentimentrader) August 8, 2024
#Bitcoin is back to flat on the week after a -16% swoon on Monday.
Needless to say, a close here or anywhere higher would be a strong bullish sign heading through the rest of August. pic.twitter.com/vmtDDuosiA
— Matt Weller CFA, CMT (@MWellerFX) August 8, 2024
This is a textbook breakout retest in silver.
Prices pulling back former resistance near 26, its rising 200-day moving average, and momentum did not get oversold.
Very well-defined risk-reward pullback within an existing intermediate/long-term uptrend. First target 32. pic.twitter.com/bwMAhsfluj
— Tom Bruni, CPA, CMT (@BruniCharting) August 8, 2024
Performance so far this decade.
Gold has now overtaken the Dow. $GLD $DIA $SPY pic.twitter.com/ypBvrac0dG— Brian G (@alphacharts) August 8, 2024
The S&P 500 is down just 0.5% on the week.
So basically it was all priced in. pic.twitter.com/qJrGWhyA1g
— Joe Weisenthal (@TheStalwart) August 8, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, August 8,, 2024 appeared first on The Chart Report.
