Daily Chart Report 📈 Monday, July 29, 2024
Powered By:
Today’s Summary
Monday, July 29, 2024
Indices: Nasdaq +0.19% | S&P 500 +0.08% | Dow -0.12% | Russell 2000 -1.09%
Sectors: 7 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.67%. Energy lagged, falling -0.86%.
Commodities: Crude Oil futures fell -1.75% to $75.81 per barrel. Gold futures inched lower by -0.13% to $2,378 per oz.
Currencies: The US Dollar Index rose +0.23% to $104.57.
Crypto: Bitcoin fell -2.17% to $66,780. Ethereum rose +1.44% to $3,319.
Volatility: The Volatility Index rose +1.28% to 16.59.
Interest Rates: The US 10-year Treasury yield fell to 4.176%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
#NQ_F, 1hr
It is time? pic.twitter.com/2yw9732Trj
— Yuriy Matso (@yuriymatso) July 29, 2024
Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso).
- The Nasdaq led today for a change, closing higher by just +0.19%. In less than three weeks, it has pulled back as much as -9% on a closing basis.
- Using an hourly candlestick chart of Nasdaq 100 futures since the recent peak, Yuriy points out that price has coiled into a tight triangle pattern over the past three sessions. Pressure is building for an explosive move, or resolution, as it reaches the apex.
- Triangles “should” resolve in the direction of the underlying trend, which in this case is lower. However, resolving higher would indicate a reversal in the short-term downtrend and potentially end the recent pullback.
The Takeaway: The Nasdaq has coiled into a triangle pattern within a short-term downtrend. This triangle “should” resolve lower, but resolving higher would break the short-term downtrend and perhaps end the recent pullback.
Quote of the Day
“The one thing I’ve learned about markets over time is that they tend to train you to ignore something and then humiliate you once you figure it doesn’t matter.”
–Stanley Druckenmiller
Top Links
AI vs. the Web – Bespoke
Bespoke compares the Nasdaq’s performance post-Chat GPT launch vs. its performance post-Netscape launch in 1994.
Good Opportunity to Buy Into Weakness With the Nikkei, says Renaissance’s Jeff DeGraaf – CNBC
Jeff deGraaf shares his technical perspective on Bitcoin, Copper, the Yen, and more.
The Commodity Report – Against All Odds Research
Jason Perz and Kevin Green breakdown the trends in the commodity market.
Bull Markets Are For Making Money – Breakout Multiplier
The team at All Star Charts held Part 1 of the 4-week Options Education Course for members of Breakout Multiplier.
Breaking? – The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the recent price action and trends in the market.
Top Tweets
$SPY and $QQQ Power Hour setups.
pic.twitter.com/s2yPL5fVq3
— TrendSpider (@TrendSpider) July 29, 2024
$SPX – two straight inside days pic.twitter.com/IbNRTjnxZg
— JasonLeavitt (@JasonLeavitt) July 29, 2024
$NDX – The July top was probably an int. term top that will lead to a 12-15% correction. The low is likely to occur in late September to late October. This week’s low at the 20 week MA was probably the end of the 1st down leg, the equivalent of the August 2023 low. pic.twitter.com/OYCd6Dho3r
— CyclesFan (@CyclesFan) July 28, 2024
Markets continue to “barcode” as they stabilize from the recent weakness.
Still suspect of the intermediate term trend while below declining
day SMA$SPY $QQQ $SMH pic.twitter.com/FckUV4JPP0
— Brian Shannon, CMT (@alphatrends) July 29, 2024
$SPX The Darvas trading boxes never stop, which is why we keep talking about them.
We haven’t had two straight box breakdowns since August and September’23. pic.twitter.com/Rr9bkhnZaH
— Frank Cappelleri (@FrankCappelleri) July 29, 2024
The equal-weight $SPX closed at an all-time high last week as the cap-weighted fell for the 2nd straight week. 53 stocks closed at an all-time weekly high, incl $UHS, $LMT, $KO, $GS, $BRK.B: pic.twitter.com/pmwFxxJoPW
— Optuma (@Optuma) July 29, 2024
Equal weight looking great. pic.twitter.com/lpIjkIBoC9
— Mark Ungewitter (@mark_ungewitter) July 29, 2024
Stocks tend to do well in years the incumbent decides not to run. pic.twitter.com/RletGFk5zW
— Ryan Detrick, CMT (@RyanDetrick) July 29, 2024
2024 is now fighting for the top spot… pic.twitter.com/ETjBKPHehz
— Grant Hawkridge (@granthawkridge) July 29, 2024
This proxy for backwardation is still underwater. That’s all I have to say. pic.twitter.com/fd1TWktVpy
— Jim Carroll (@vixologist) July 29, 2024
$NDAQ Weekly. pic.twitter.com/mFkWYEtPVm
— Brian G (@alphacharts) July 29, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, July 29, 2024 appeared first on The Chart Report.
