Stock Market Update Wednesday August 21, 2024

📈 Stock Market Update: Wednesday, August 21, 2024 Stocks resumed their upward trajectory following a minor retracement in the previous session, with the S&P 500 inching up by 0.33% to close just shy of its recent peak.

📊 Away From Stocks: The dovish tone from the Federal Reserve's July meeting minutes provided a tailwind for Treasury yields, pushing the two-year yield down to 3.92%, marking the second consecutive drop of seven basis points. In the commodities market, WTI crude 🛢️ continued to face pressure, dipping below $72 per barrel—a level not seen since January. Meanwhile, gold 🪙 remained steady, closing at $2,511 per ounce. Bitcoin 💰 experienced a notable surge, rallying 4% to $61,300, while the VIX 📉, a gauge of market volatility, edged back above 16.

Micron Technology Inc. ($MU) is currently forming a tight flag pattern after a pullback of nearly 50%, which followed a bottoming pattern established about two weeks ago. This flag pattern suggests a potential continuation of the previous upward move if the stock breaks out above the flag's resistance. The formation of such a pattern typically indicates consolidation, where the stock takes a breather before potentially resuming its upward trajectory. This setup could be particularly compelling for traders watching for a breakout, as it often precedes a bullish move, especially if it aligns with broader market trends or positive company-specific news.