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Daily Chart Report 📈 Monday, July 8, 2024

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Today’s Summary
Monday, July 8, 2024

Indices: Russell 2000 +0.59% | Nasdaq +0.23% | S&P 500 +0.10% | Dow -0.08%

 6 of the 11 sectors closed higher. Technology led, gaining +0.68%. Communications lagged, falling -0.90%.

Commodities: Crude Oil futures fell -1.00% to $82.33 per barrel. Gold futures dropped -1.43% to $2,364 per oz.

Currencies: The US Dollar Index rose +0.13% to $105.01.

Crypto: Bitcoin rose +1.58% to $56,710. Ethereum rose +2.99% to $3,018.

Volatility: The Volatility Index fell -0.88% to 12.36.

Interest Rates: The US 10-year Treasury yield was unchanged at 4.282%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

🏆 Today’s Chart of the Day was shared by David Cox (@DavidCoxRJ).

  • Silver futures rose +7.20% last week, closing at an 11-year high of $31.70 per ounce.
  • Gold fever has died down over the past two months as Gold and Silver have been correcting. Both metals peaked on May 20th before pulling back -5.1% and -11%, respectively.
  • While the crowd has moved on to the newest shiny object (Mega-Cap Tech), David reminds us that Silver has outperformed the red-hot Nasdaq year-to-date (+30% vs. +21.5%). After an -11% correction, Silver looks ready to resume its multi-year breakout.

The takeaway: Silver is recovering from a healthy correction within a multi-year breakout. All-time highs are within reach over the next year, implying over +50% potential upside.

Quote of the Day

The point of investing, after all, is not to have a great story to tell; the point of investing is to make money with limited risk.

Seth Klarman

Top Links

The Monday Morning Playbook: Week of July 8, 2024 – Brown Technical Insights
Scott Brown highlights the most important areas to watch this week.

July Strategy Session: 3 Key Takeaways – All Star Charts
The team at All Star Charts outlines some of the key themes to watch this month.

The Chart to Help Navigate a Summer Market Top – StockCharts
David Keller breaks down the summer outlook for the S&P 500.

Summer Doldrums Have Arrived – Market Volume Likely to Contininue Fading – Almanac Trader
Jeff Hirsch looks at the typical summertime trading lull.

Walter Deemer and Jeff deGraaf discuss the current market environment, sentiment, and more.

Top Tweets

You’re all caught up now. Thanks for reading!

The post Daily Chart Report 📈 Monday, July 8, 2024 appeared first on The Chart Report.

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