Daily Chart Report π Tuesday, August 8, 2023
Powered By:
Todayβs Summary
Tuesday, August 8, 2023
Indices: S&P 500 -0.42% | Dow -0.45% | Russell 2000 -0.59% | Nasdaq -0.87%
Sectors: 3 of the 11 sectors closed higher. Health Care led, rising +0.77%. Materials lagged, falling -1.06%.
Commodities: Crude Oil futures rose +1.20% to $82.92 per barrel. Gold futures fell -0.51% to $1,960 per oz.
Currencies: The US Dollar Index rose +0.46% to $102.54.
Crypto: Bitcoin gained +2.00% to $29,764. Ethereum rose +1.58% to $1,856.
Interest Rates: The US 10-year Treasury yield dropped to 4.026%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Larry Tentarelli (@LMT978). Energy ($XLE) was one of the weakest sectors in the year's first half. However, itβs currently up +7.5% in the second half and leading by a wide margin. $XLE was down -2.2% this morning, but Larry points out that buyers showed up at the 20-day moving average. It closed on the highs of the day, up +0.49% overall. The Energy sector looks ready to resume its long-term uptrend as itβs on the verge of new six-month highs. While it has struggled over the past year, Energy has been the clear leader in the post-Covid era. Over the past three years, $XLE is up +170%. Thatβs 3x the second-best sector (Tech +54%) and nearly 5x the S&P 500 (+34%).
Quote of the Day
βNever mistake knowledge for wisdom. One helps you make a living; the other helps you make a life.β
-Eleanor Roosevelt
Trendlines > Headlines
https://youtu.be/nnIFaEek5YA
The latest episode of Trendlines over Headlines is out!
This week, Sam Ro joins us to discuss markets, news, the economy, and more!
Sam is a prominent financial journalist and editor of the TKer, a newsletter geared toward long-term investors.
Before launching TKer, Sam worked at some of the largest financial media outlets, including Forbes, Business Insider, Yahoo Finance, Axios, and more!
Top Links
RRG Finds Three Strong Stocks in the Materials Sector - StockCharts.com
Julius de Kempenaer highlights the strength in the Materials sector.
Is Stock Market Armageddon Imminent? - The Weekly Grind
Sam McCallum shares some key charts to watch in the near term.
Trader Keep Piling into Natural Gas Futures - Thrasher Analytics
Andrew Thrasher examines positioning within Gas futures.
Stocks We're Watching Today | The Morning Show - Stock Market TV
We joined The Morning Show earlier today to discuss the major trends and themes across the markets.