Daily Chart Report 📈 Friday, July 19, 2024
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Today’s Summary
Friday, July 19, 2024
Indices: Russell 2000 –0.63% | S&P 500 -0.71% | Nasdaq 100 -0.93% | Dow -0.93%
Sectors: 2 of the 11 sectors closed higher. Health Care led, gaining +0.51%. Technology lagged, falling -1.56%.
Commodities: Crude Oil futures dropped -3.27% to $78.64 per barrel. Gold futures dropped -2.33% to $2,399 per oz.
Currencies: The US Dollar Index rose +0.18% to $104.37.
Crypto: Bitcoin gained +4.29% to $66,705. Ethereum rose +2.36% to $3,506.
Volatility: The Volatility Index rose +3.71% to 16.51.
Interest Rates: The US 10-year Treasury yield rose to 4.241%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
This is the best-case scenario for the Russell 2000 $RUT.
Sometimes, you need to go backwards in order to go forward. pic.twitter.com/PHbez8bqrh
— Caleb Franzen (@CalebFranzen) July 19, 2024
Today’s Chart of the Day was shared by Caleb Franzen (@CalebFranzen).
- Small Caps pared their gains from earlier in the week after breaking out to a two-year high on Monday. The Russell 2000 was up as much as +6%, but it finished the week up +1.67%.
- It has pulled back -3.5% (closing basis) over the past three days, which is mild considering the historic momentum that preceded it. The index surged +11.5% in just five days, and RSI reached its most overbought level since 2017.
- Caleb points out that successfully retesting the breakout level (around 2100) would be healthy. On the other hand, violating 2100 would invalidate this week’s breakout for Small Caps.
The Takeaway: The momentous breakout in Small Caps fizzled out throughout the week, with the Russell 2000 giving back over half of its intraweek gains. This has been a healthy pullback, but violating 2100 would be unhealthy.
Quote of the Day
“Successful investing is about having people agree with you… later.”
– James Grant
Top Links
Stock Market Analysis July 19 2024 – Alphatrends
Brian Shannon breaks down this week’s price action and key levels for next week.
It’s Time to Buy the Bios – All Star Charts
The team at All Star Charts examines the outlook for Biotech stocks.
Copper Price Peak Signal Suggests Lower Interest Rates Ahead, Says Joe Friday – Kimble Charting Solutions
Chris Kimble looks at Copper and the 10-year Treasury Yield.
Small Caps Rip – The Compound
Todd Sohn joins Josh Brown and Michael Batnick to discuss Small Caps, Semis, ETFs, and more.
Top Tweets
BREAKING
The entire bull market…
$SPY – worst week since April
Bears finally have a weekend to celebrate pic.twitter.com/4L9BeRqG7N
— Stocktwits (@Stocktwits) July 19, 2024
Worst week for $SPX since April, but 275 stocks advanced on the week vs 227 declining: pic.twitter.com/1bR7lSwAI0
— Optuma (@Optuma) July 19, 2024
$SPY hmmm…
pic.twitter.com/EUtBxBuH1D
— TrendSpider (@TrendSpider) July 19, 2024
$SPY -2.0% this week$QQQ -4.0%$IWM +1.7% pic.twitter.com/6AuDz0SA68
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) July 19, 2024
Yo, Charts pic.twitter.com/1uC7mLgP6B
— da Chart Life (@daChartLife) July 19, 2024
Wednesday’s gap at 493.15 still hasn’t been filled. Have a nice weekend! pic.twitter.com/WuJ3DbI9ks
— Walter Deemer (@WalterDeemer) July 19, 2024
Historically, the $VIX experiences its low for the year in the 29th week (averaging since inception). Clearly 2024 is deviating wildly from that average.
Now, is this just a one off or a progressive trend? pic.twitter.com/UYzBlwwfZJ
— John Kicklighter (@JohnKicklighter) July 19, 2024
The rotation out of mega-cap Growth stocks has brought the Russell 1000 Growth/Value ratio to support.
Support was previously triple top resistance dating back to the pandemic shutdowns. Next few weeks could be critical for the next phase of the market cycle. @NDR_Research pic.twitter.com/3jYpmUEdte
— Ed Clissold (@edclissold) July 19, 2024
#Bitcoin at 1+ month highs in the mid-$66K range while stocks, bonds, oil, gold, copper, probably houses, and just about everything else sell off today
pic.twitter.com/gFAUcDzSOv
— Matt Weller CFA, CMT (@MWellerFX) July 19, 2024
$GLD stocks should not gap below a key breakout level. pic.twitter.com/eboahSqMsz
— Jon Markman
(@jdmarkman) July 19, 2024
This is not @PeterSchiff day. And next 10 years will be cruel as well.
The $BTC / $GC_F ratio chart is forming a channel that might become the right shoulder of an inv. H&S pattern projecting ratio of 150 to 1, meaning BTC will outpace Gold by 5X @RaoulGMI what do you th ink? pic.twitter.com/Yg3NxFfb0x— Peter Brandt (@PeterLBrandt) July 19, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, July 19, 2024 appeared first on The Chart Report.
