Daily Chart Report 📈 Wednesday, August 21, 2024
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Today’s Summary
Wednesday, August 21, 2024
Indices: Russell 2000 +1.32% | Nasdaq +0.53% | S&P 500 +0.42%| Dow +0.14%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.28%. Financials was the only sector that closed lower, sliping -0.14%.
Commodities: Crude Oil futures fell -1.69% to a seven-month low of $71.93 per barrel. Gold futures rose +0.37% to an all-time high of $2,548 per oz.
Currencies: The US Dollar Index fell -0.24% to a year-to-date low of $101.14.
Crypto: Bitcoin rose +3.64%to $61,159. Ethereum rose +2.26% to $2,631.
Volatility: The Volatility Index rose +2.46% to 16.26.
Interest Rates: The US 10-year Treasury yield was flat at 3.803%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Ignoring August 8th’s inside bar, it’s been 12 days since $SPX had a lower high and lower low, most since April 2021: pic.twitter.com/VY1qpQP8rq
— Optuma (@Optuma) August 21, 2024
Today’s Chart of the Day was shared by @Optuma.
- The S&P 500 rose +0.42% today after breaking an eight-day winning streak yesterday. While the index closed lower by -0.20% yesterday, it still made a higher high and a higher low intraday.
- Optuma points out that $SPX has made a higher high and a higher low for 12 consecutive days (excluding the inside bar from Aug. 8th). This speaks to how aggressive buyers have been throughout the rebound. It also looks like the footprints of institutional buying.
- $SPX is less than 1% off its all-time highs with two trading days remaining in the week and a Fed speech on Friday.
Takeaway: The S&P 500 has made a higher high and higher low for 12 consecutive days (intraday). This speaks to the strength in the underlying trend and aggressive buying.
Quote of the Day
“Amateurs want to be right.
Professionals want to make money.”
– Alan Greenspan
Top Links
Summer at the Beach – The Rotation Report
Aaron Jackson highlights some key developments to watch in the near term.
Seasonality Works! Trade the Cycles & Profit from History
Jeff Hirsch reviews some of the dominant seasonal trends and cycles that have played out over the last few years.
Positioning for Lower Dollars – All Star Charts
Sam Gatlin examines the outlook for the US Dollar.
The Fastest Recovery Ever – The Irrelevant Investor
Michael Batnick shares his thoughts on the recent correction and impressive recovery.
Top Tweets
$SPX – The gap at 5622-5639 was partially filled with an intraday high of 5633. Today’s close is higher than Monday’s close which means that the rally is likely to continue until Friday. Powell’s speech on Friday is likely to be dovish so it may even print a new all time high. pic.twitter.com/xelo2O4v88
— CyclesFan (@CyclesFan) August 21, 2024
NEW closing high for the $RSP Equal Weight S&P 500 ETF
pic.twitter.com/MoLg7hR3ZT
— Andrew O’Connell, CFA, FRM (@realpristinecap) August 21, 2024
The S&P 500 Ex-Mag7 Made ANOTHER High Today
– Cap weight is still 1% off the high
– The Good news? Market broadening outTake a look
pic.twitter.com/UmhqGn39jZ
— Matt Cerminaro (@mattcerminaro) August 21, 2024
$HACK pushing new highs… pic.twitter.com/Nu1q57BHGP
— Ian McMillan, CMT (@the_chart_life) August 21, 2024
That’s a whole lotta semiconductor stocks that stayed inside and closed green today…
Fireworks tomorrow?
$NVDA $AMD $MU $LRCX $SMCI $QCOM pic.twitter.com/QdWH2WhYQ0
— TrendSpider (@TrendSpider) August 21, 2024
$NVDA is currently 4x the size of the next most valuable U.S. semi (AVGO). Nvidia represents 19.88% of the S&P Tech Index. (Apple only has a 4.88% weighting). We’ll be LIVE Streaming the Earnings Release next Wed Aug 28th @ 3:45PM ET. Here are the deets https://t.co/N2ZQTRhP58 pic.twitter.com/s5sqeiYSEc
— J.C. Parets (@allstarcharts) August 21, 2024
The US Dollar Index is at its lowest level of the year while Gold is at an all-time high, up 22% year-to-date. $USD $GLD pic.twitter.com/iEavD2jzv9
— Charlie Bilello (@charliebilello) August 21, 2024
$DXY is breaking but usually energy $XLE and materials $XLB are beneficiaries, they’re not (ex $GLD). The Yen is ominously lingering after its most recent overbought condition, as global yields carve out tops. Hedge appropriately. pic.twitter.com/YAk5Dd10tQ
— RenMac: Renaissance Macro Research (@RenMacLLC) August 21, 2024
An FYI on $BTC
Current bull market cycle in $BTC will soon become the longest time post halving in history for a new ATH
or,
Could indicate that new ATH is not in the cards pic.twitter.com/jkeboVAGtp— Peter Brandt (@PeterLBrandt) August 21, 2024
Bitcoin $BTC getting sent here
5th time is the charm?
pic.twitter.com/CjoYdP4u6u
— Barchart (@Barchart) August 21, 2024
Jackson Hole: (1) this Friday, Fed Chair Powell is scheduled to give a policy speech at Jackson Hole meeting; (2) over the last two years, this gathering of central bankers around the world didn’t create any major trigger to the market; (3) will it make a dent this year? pic.twitter.com/p7i4kTRLQh
— Master WU (@MasterPandaWu) August 21, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Wednesday, August 21, 2024 appeared first on The Chart Report.
