Daily Chart Report 📈 Tuesday, August 20, 2024

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Today’s Summary
Tuesday, August 20, 2024

Indices: Dow -0.15% | S&P 500 -0.20%| Nasdaq -0.24%| Russell 2000 -1.17%

Sectors: 3 of the 11 sectors closed higher. Consumer Staples led, gaining +0.50%. Energy lagged, dropping -2.64%.

Commodities: Crude Oil futures fell -0.67% to $73.17 per barrel. Gold futures rose +0.37% to an all-time high of $2,551 per oz.

Currencies: The US Dollar Index dropped -0.46% to a year-to-date low of $101.38.

Crypto: Bitcoin fell -0.82%to $59,012. Ethereum dropped -2.43% to $2,637.

Volatility: The Volatility Index rose +8.25% to 15.87.

Interest Rates: The US 10-year Treasury yield dropped to 3.809%.

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 @ZaStocks.

• Netflix ($NFLX) broke out to an all-time high today for the first time since November 2021. This “forgotten FAANG name” is recovering from its second-worst drawdown on record, in which it slid -76% in just six months.

• It’s no longer the index-heavyweight it used to be, but it’s still the 22nd-largest stock in the S&P 500 and the 10th-largest in the Nasdaq, boasting a market cap of $300 Billion.

• If $NFLX confirms this breakout above $700, it could reach $1,000 in the coming months, using a traditional Fibonacci extension of the drawdown.

Takeaway: Netflix ($NFLX) broke out to blue skies for the first time in nearly three years today. This former market darling has officially recovered from its second-worst drawdown on record. Above $700, the path of least resistance is higher.

“If you never want to be criticized, for goodness’ sake, don’t do anything new.”

– Jeff Bezos