Wednesday, August 3rd, 2022
Indices: Nasdaq 100 +2.73% | S&P 500 +1.56% | Russell 2000 +1.41% | Dow +1.29%
Sectors: 10 of the 11 sectors closed higher. Technology led, gaining +2.66%. Energy was the only sector that closed lower, dropping -2.87%.
Commodities: Crude Oil futures dropped -3.71% to a five-month low of $90.92 per barrel. Gold futures fell -0.42% to $1,782 per ounce.
Currencies: The US Dollar Index was flat (+0.03%).
Crypto: Bitcoin rose +1.46% to $23,337. Ethereum gained +0.95% to $1,647.
Interest Rates: The US 10-year Treasury yield fell to 2.706%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
— Grayson Roze (@GraysonRoze) August 3, 2022
Today’s Chart of the Day was shared by Grayson Roze (@GraysonRoze). These are some of the largest equity index ETFs including; $SPY, $MDY, $SLY, $VTI, $IWB and $IWM. Grayson points out that all six of these ETFs are testing their Q1 lows. Price was already rejected at these levels once before in early June. Will the second attempt be the charm? It would be a huge win for the bulls if the major indices reclaimed their Q1 lows. Keep an eye on how these tests play out in the near term.
Quote of the Day
“As long as you live keep smiling because it brightens everybody’s day.”
– Vin Scully
Can the S&P 500 Maintain Its July Momentum? – Schaeffer’s Investment Research
Rocky White examines how the S&P 500 has historically performed after large monthly gains.
The Tension is Building – Research by Potomac
Drew Wells points out that the major indices continue to test long-term resistance levels.
The Game is Won or Lost in the Trenches – All Star Charts
JC Parets shares his thoughts on the S&P 500.
Stock Market Analysis August 3 2022 – AlphaTrends
In this quick video, Brian Shannon breaks down recent price action and highlights some key levels to watch in the near term.
Megacap tech eating the world once again! pic.twitter.com/BzIrWAIwuS
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) August 3, 2022
Soup du jour: risk-on. With a side of falling oil prices. pic.twitter.com/AZXSU3AeGc
— Liz Young (@LizYoungStrat) August 3, 2022
— Tom Hearden (@followtheh) August 3, 2022
A walk down Price Memory Lane. Much focus on S&P 500 near the June high, upper edge of 3-mo. range, the 100-day avg. But this level is also around the 100-week avg, the intraday low from Ukraine invasion and where the market paused for several weeks on the way up in spring 2021. pic.twitter.com/US70MJKEj9
— Michael Santoli (@michaelsantoli) August 3, 2022
The Nasdaq 100 is through resistance cleanly. Now all eyes on SPY and IWM. Price levels to watch:
SPY >>> 415.64
IWM >>> 190.44 pic.twitter.com/Z1gqE49J2P
— Jay Kaeppel (@jaykaeppel) August 3, 2022
200-DMA has entered the chat pic.twitter.com/eE3BNOyu8M
— Eddy Elfenbein (@EddyElfenbein) August 3, 2022
If the rest of the market can do what $AAPL is doing here we’re going to be alright.
(clear march pivot low and the 200d) pic.twitter.com/hEfFTRaUhu
— J4 (@J4_doji) August 3, 2022
— Stacey.A.Lee (@BBaxter2020) August 3, 2022
— Ian McMillan, CMT (@the_chart_life) August 3, 2022
— Mark Ungewitter (@mark_ungewitter) August 3, 2022
first decisive close below 200d MA since December pic.twitter.com/b0FTHDpj3y
— Christian Fromhertz 🇺🇸 (@cfromhertz) August 3, 2022
— David Keller, CMT (@DKellerCMT) August 3, 2022
— Greg Rieben (@gregrieben) August 3, 2022
If this happens, this would be yet another sneaky bull trap… Will it though? pic.twitter.com/nP1RMqLXgC
— Yuriy Matso (@yuriymatso) August 3, 2022
You’re all caught up now. Thanks for reading!