Daily Chart Report π Monday, August 12, 2024
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Todayβs Summary
Monday, August 12, 2024
Indices: Nasdaq 100 +0.16% | S&P 500 0.00%| Dow -0.36%| Russell 2000 -0.91%
Sectors: 3 of the 11 sectors closed higher. Technology led, gaining +0.82%. Communications lagged, falling -0.69%.
Commodities: Crude Oil futures gained +4.19% to $80.06 per barrel. Gold futures rose +1.24% to an all-time high of $2,504 per oz.
Currencies: The US Dollar Index was flat at $103.13.
Crypto: Bitcoin rose +1.08%to $59,362. Ethereum gained +6.55% to $2,723.
Volatility: The Volatility Index rose +1.77% to 20.72.
Interest Rates: The US 10-year Treasury yield fell to 3.907%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri).
- The S&P 500 was completely unchanged today as buyers and sellers wait to digest the feast of economic data due out this week.
- $SPX broke the neckline of a two-month Head & Shoulders pattern, around 5,400, on Friday, Aug. 2nd, before gapping lower by -3% the following Monday. This bearish pattern has already met its downside objective using a measured move price target.
- After a sharp bounce, Frank points out that $SPX has returned to the scene of the crime (5,400). Reclaiming this former support level is the only item on the Bullsβ to-do list this week.
The Takeaway: After completing a Head & Shoulders Top last week, $SPX is retesting the neckline at 5,400. Reclaiming 5,400 would open the door to all-time highs. However, failing to reclaim it could lead to a retest of last weekβs low. This will be a big test for the bulls.
Quote of the Day
βChart patterns are not the cause; theyβre the effect. Human behavior hasnβt changed and isnβt likely to change much in the future.β
β Mark Minervini
Top Links
1968 Analog Resonates Not 1987 β Almanac Trader
Jeff Hirsch compares the S&P 500 in 2024 to the 1968 analog.
A View from the Floor with Jay Woods, CMT β Freedom Capital Markets
Jay Woods highlights some key developments to watch this week.
Lessons From the Market Meltdown β CNBC
Joe Fahmy shares his thoughts on the recent correction in the Nasdaq and the big-picture trends at play.
The Dust Has Settled. Whatβs Next for Bonds? β All Star Charts
Ian Culley examines the outlook for Bonds.
Theses β The Weekly Trend
Ian McMillan and David Zarling discuss the major trends across the markets.
Top Tweets
Youβre all caught up now. Thanks for reading!