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Daily Chart Report 📈 Tuesday, July 9, 2024

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Today’s Summary
Tuesday, July 9, 2024

Indices: S&P 500 +0.07% |  Nasdaq +0.07% | Dow -0.13% | Russell 2000 -0.45%

 6 of the 11 sectors closed higher. Financials led, gaining +0.77%. Materials lagged, falling -1.02%.

Commodities: Crude Oil futures fell -1.12% to $81.41 per barrel. Gold futures rose +0.19% to $2,368 per oz.

Currencies: The US Dollar Index rose +0.10% to $105.12.

Crypto: Bitcoin rose +2.33% to $58,033. Ethereum rose +1.59% to $3,067.

Volatility: The Volatility Index rose +1.13% to 12.50.

Interest Rates: The US 10-year Treasury yield was rose to 4.300%.

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 Wrath (@DJwrath).

  • The Emerging Markets ETF ($EEM) closed at a two-year high today after clearing the May peak.
  • $EEM initially broke out to new 52-week highs in early May, but it peaked two weeks later.
  • After a minor pullback and a successful retest of its 50-DMA (blue), $EEM is resolving higher from a two-month base.

The takeaway: Emerging Markets ($EEM) have persistently underperformed US Stocks over the past decade. But they’ve finally joined the bull market, and the path of least resistance for $EEM is higher in the near term.

Quote of the Day

“Fortunes are made every year by those who take the time to learn to interpret charts properly.”

– William J. O`Neil

Top Links

The Plight of the Largest 7 – Ned Davis Research
NDR points out that it hasn’t historically paid to overweight the top seven stocks in the S&P 500. 

Attention Stock Market Bulls: Track This Commodity Currency – All Star Charts
Ian Culley looks at the New Zealand Dollar and what it could mean for stocks in Q3. 

Silver’s AI Boom: The Next Big Trade You Need to Know About – StockCharts
Karl Montevirgen examines the breakout in Silver prices. 

What Disinflation Truly Means for the Market: Stocks in Translation – Yahoo Finance
Jay Woods shares his thoughts on the current market environment.

Top Tweets

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

The post Daily Chart Report 📈 Tuesday, July 9, 2024 appeared first on The Chart Report.

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