Daily Chart Report 📈 Monday, July 22, 2024
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Today’s Summary
Monday, July 22, 2024
Indices: Russell 2000 +1.66% | Nasdaq +1.54% | S&P 500 +1.08% | Dow +0.32%
Sectors: 10 of the 11 sectors closed higher. Technology led, gaining +2.37%. Energy was the only sector that closed lower, falling -0.63%.
Commodities: Crude Oil futures fell -0.31% to $78.40 per barrel. Gold futures fell -0.18% to $2,395 per oz.
Currencies: The US Dollar Index inched lower by –0.07% to $104.30.
Crypto: Bitcoin fell -0.87% to $67,562. Ethereum dropped -2.66% to $3,442.
Volatility: The Volatility Index dropped -9.75% to 14.90.
Interest Rates: The US 10-year Treasury yield rose to 4.254%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$SPY – S&P 500 with a classic bearish setup.*
A close back above 20 day sma and psychological $550 level.
RSI finding support at 50 and 75% of stocks within above a 20 day sma.
*Sike, it’s bullish. pic.twitter.com/I3KxfgjoSU
— Larry Thompson (@HostileCharts) July 22, 2024
Today’s Chart of the Day was shared by Larry Thompson (@HostileCharts).
- The S&P 500 ($SPY) snapped a three-day losing streak today, bouncing +1.08%. It’s only Monday, but $SPY has already repaired last week’s technical damage.
- $SPY closed slightly below support at $550 on Friday but reclaimed it today. A round number like $550 is an important psychological hurdle for the market. This level also coincides with the June highs and the 20-day moving average (yellow).
- Larry adds that breadth and momentum look healthy. Three-quarters of its members are above their 20-day moving averages, while RSI is curling higher and holding above 50.
The Takeaway: After its worst week since April, the S&P 500 ($SPY) started this week on a solid note by reclaiming $550 on Monday.
Quote of the Day
“The one thing that never seems to change is human nature. Science changes, art changes, cities change, governments change, but human nature remains relatively constant.”
– Richard Russell
Top Links
Let’s Simplify This Small Cap Move… – Jotting On Charts
Grant Hawkridge breaks down the recent rebound in Small Caps.
We Buy Stocks in Bull Markets – All Star Charts
JC Parets looks at the breadth expansion in the market.
Energetic About Energy – Hostile Charts
Larry Thompson examines the outlook for the Energy sector.
Todd Sohn at the NYSE – Strategas Asset Management
Todd Sohn shares his thoughts on the ETF market and more.
A Study in Smallcaps – MurphyCharts
Shane Murphy highlights the recent outperformance from Small Caps.
Top Tweets
$SPX remains above “the one trendline to rule them all”. The trend is your friend until the end when it bends! pic.twitter.com/nXEIeCaUiA
— David Keller, CMT (@DKellerCMT) July 22, 2024
Tech and communication services were the only two sectors outperforming the S&P 500 in the first half of the year. Since mid-year, however, they are now the only two sectors trailing the S&P 500. Real estate has shifted from being a laggard to a leader. pic.twitter.com/ycIhUUulYM
— Cetera Investment Management (@ceteraIM) July 22, 2024
Meanwhile, Mid-cap Financials are hitting new all-time highs pic.twitter.com/x9pxSWcIS8
— J.C. Parets (@allstarcharts) July 22, 2024
Jay’s Trading Maxim #7: Trading doesn’t have to be rocket science. In fact, it doesn’t even necessarily have to be sophisticated. @sentimentrader
Healthcare sector (XLV) “analysis”:
ABOVE $147.65 = GOOD
BELOW $147.65 = NOT GOOD pic.twitter.com/tqtzBMXqhZ— Jay Kaeppel (@jaykaeppel) July 22, 2024
June was Russell 2000’s worst month vs. NASDAQ since May 2023 … July is currently tracking best since November 2016
[Past performance is no guarantee of future results] pic.twitter.com/atoGdzUYQW— Liz Ann Sonders (@LizAnnSonders) July 22, 2024
With volatility, swells can be intense but they aren’t frequently long lived.
We had a big swell last week in the $VIX – biggest week’s jump since March 2023 in percentage terms (32%) – but today’s drop (-10%) is one of the third biggest in a year: pic.twitter.com/Ovq1T3SJsA
— John Kicklighter (@JohnKicklighter) July 22, 2024
When Gold and Stocks make new highs together, it has often led to some degree of weakness in the S&P 500. $GC_F $SPX $SPY $GLD pic.twitter.com/JCNLjpjl4y
— Andrew Thrasher, CMT (@AndrewThrasher) July 22, 2024
Equities and crypto are historically correlated.
But they have been inversely correlated in recent times; quite the change in character.$BTC $QQQ pic.twitter.com/rdFFOT0Tzu
— Louis Sykes (@haumicharts) July 22, 2024
$BTC coming off a massive weekly close.
Back above prior cycle highs (’21) and 10-week moving average. pic.twitter.com/Bw17asB6Zk
— Justin Spittler (@JSpitTrades) July 22, 2024
Who’s ready for a Solana summer? $SOL pic.twitter.com/laYbIsXPZN
— Steven Strazza (@sstrazza) July 22, 2024
$CRWD has given back almost all of its YTD gains
Was +53% in 2024 at the halfway mark
Now +3% pic.twitter.com/WYyMgUjvcj— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) July 22, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, July 22, 2024 appeared first on The Chart Report.
