Daily Chart Report 📈 Tuesday, August 13, 2024
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Today’s Summary
Tuesday, August 13, 2024
Indices: Nasdaq 100 +2.50% | S&P 500 +1.69%| Russell 2000 +1.61% | Dow 2000 +1.04%
Sectors: 10 of the 11 sectors closed higher. Technology led, gaining +3.07%. Energy was the only sector that closed lower, falling -0.97%.
Commodities: Crude Oil futures fell -2.14% to $78.35 per barrel. Gold futures inched higher by +0.15% to an all-time high of $2,508 per oz.
Currencies: The US Dollar Index dropped -0.51% to a six-month low of $102.60.
Crypto: Bitcoin rose +2.12%to $60,620. Ethereum fell -0.72% to $2,703.
Volatility: The Volatility Index slid -12.60% to 18.11.
Interest Rates: The US 10-year Treasury yield dropped to 3.854%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Wasn’t filled. Left an island behind. pic.twitter.com/SK0JawtRXu
— Walter Deemer (@WalterDeemer) August 13, 2024
Today’s Chart of the Day was shared by Walter Deemer (@WalterDeemer).
- The Nasdaq 100 ($QQQ) gapped higher by +1% this morning and rallied throughout the session, closing up +2.5%.
- Walter points out that today’s gap wasn’t filled. As Walter often says, “How quickly the gaps get filled — if at all—gives us an idea of how strong the underlying trend is.”
- Today’s unfilled gap left the past seven candles in an isolated cluster below $455, marking a Bullish Island Reversal. However, there are two unfilled gaps lurking overhead at $480 and $490. These two gaps are the only potential resistance levels standing in the way of all-time highs.
Takeaway: The Nasdaq ($QQQ) gapped higher this morning and didn’t look back. Today’s unfilled gap left the bears stranded on an ‘island’ below $455. However, the bulls face potential resistance at $480 and $490 before reaching all-time highs.
Quote of the Day
“It’s OK to be wrong;
it’s unforgivable to stay wrong.”
– Marty Zweig
Top Links
What is it About August? – Carson Research
Ryan Detrick looks at the seasonal trends and recent volatility in the S&P 500.
Critical Week Ahead for S&P 500 – StockCharts
Julius de Kempenaer examines the recent rotations between sectors and asset classes.
Nasdaq Hits New 52-week Highs – All Star Charts
JC Parets examines the strength in Capital Market stocks like $NDAQ, $CBOE, and $ICE.
The Highest Yielding Stocks in the S&P 500 – Bespoke
Bespoke highlights the S&P 500 stocks with the highest dividend yield.
Top Tweets
S&P 500 $SPY up 4 in a row.
+4.5% in that stretch. Best run since November 2023. pic.twitter.com/0Umv0pC1ql
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) August 13, 2024
Watching gaps that have gotten filled and if we’ll soon seen the next upcoming downside gap filled with this current rally in $SPX pic.twitter.com/ONQiIZGEH4
— Andrew Thrasher, CMT (@AndrewThrasher) August 13, 2024
$SPX The 6-day advance now is +4.8%.
That’s the best since the 6-day gain of +6.0% from 10/30-11/6/23.
The index is now challenging its 50-DMA and a key downtrend line…
…which ALSO is similar to early Nov’23. pic.twitter.com/mTvo9TBu7H
— Frank Cappelleri (@FrankCappelleri) August 13, 2024
If you sold after every big down day – let’s say a 2% drop – in the S&P 500 and bought in two weeks later when the coast is clear, you would’ve missed out on a *third* of gains over the past 20 years
Your portfolio’s success depends on your behavior during panicky periods pic.twitter.com/bzQ41PZnhh
— Callie Cox (@callieabost) August 13, 2024
Is that an Island Reversal in the Nasdaq100? $QQQ pic.twitter.com/UCHHybyKTb
— J.C. Parets (@allstarcharts) August 13, 2024
NDR Trading Sentiment Composite is at its lowest level since late-2022.
When short-term sentiment is this washed out, stocks usually rip. pic.twitter.com/asHaYlTrjk
— Willie Delwiche, CMT, CFA (@WillieDelwiche) August 13, 2024
A little bout of volatility but 2024 still far below the average year. Most like 2014/2016 on the measure below. pic.twitter.com/5OzPRfRdo3
— Todd Sohn (@Todd_Sohn) August 13, 2024
Despite the sharp 10% correction and 66 VIX, the S&P 500 cap-weighted index remains in an undeniable uptrend with decent breadth (69% of stocks above their 200-day moving average).
pic.twitter.com/Eq1y5Y2Bxb
— Jurrien Timmer (@TimmerFidelity) August 13, 2024
Sometimes the relationships in this business aren’t obvious, but significant nonetheless. Yen strength has been an important driver of REIT $VNQ relative performance over the last few years #reits. This is what we do @RenMacLLC . pic.twitter.com/FgZ09IU4q2
— RenMac: Renaissance Macro Research (@RenMacLLC) August 13, 2024
JUST IN:
Starbucks CEO steps down, replaced by Chipotle’s CEO Brian Niccol.$SBUX
+13.60% in pre-market$CMG
-8.27% in pre-market pic.twitter.com/AZcGbc5XWr
— TrendSpider (@TrendSpider) August 13, 2024
You’re all caught up now. Thanks for reading!
Almost 6 times more advances than declines today in the $SPX, but for the 2nd straight day less than a third beat the index as mega caps bounced back: pic.twitter.com/edTAdwHvmi
— Optuma (@Optuma) August 13, 2024
The post Daily Chart Report 📈 Tuesday, August 13, 2024 appeared first on The Chart Report.
