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%
Sectors: 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
i have to say, not only is silver stronger in ’24 than the Nasdaq 100 $QQQ, but this multi-year breakout looks constructive as we sit… pic.twitter.com/AyWka3RHpk
— David Cox, CMT, CFA (@DavidCoxRJ) July 8, 2024
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
SPX 5/5 in July
ATH pic.twitter.com/3W5ZohPYfc
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) July 8, 2024
Remember, the first half of July is historically one of the most bullish periods of the year for stocks. pic.twitter.com/Ol0SpwMFjK
— Ryan Detrick, CMT (@RyanDetrick) July 8, 2024
How many dips do you see? $SPX pic.twitter.com/JBZ6LaOwaX
— Frank Cappelleri (@FrankCappelleri) July 8, 2024
strong first half returns rarely pull forward 2nd half returns per stats below. We landed in the 8th decile this year….Not a bad historical outcome. pic.twitter.com/8v2Zb7NKD4
— RenMac: Renaissance Macro Research (@RenMacLLC) July 8, 2024
On Friday, the percentage of S&P 500 stocks outperforming the S&P 500 Index over a rolling 21-day period dropped to the lowest in history. pic.twitter.com/sUSzU3xNLm
— Dean Christians, CMT (@DeanChristians) July 8, 2024
The chart below is the ultimate Rorschach test.
Bulls: it’s a function of a strong bull. In years <40% stocks beat the index, the SPX rose 5/6 times by a median of 22%.
The median 1H gain for the S&P 500 is 5%. In 2024, 47% of stocks rose >5%. @NDR_Research 1/2 pic.twitter.com/YS0aBrhcVi— Ed Clissold (@edclissold) July 8, 2024
Software is making new all-time highs as rotation within the Tech sector continues to drive indexes higher. Rotation is the lifeblood of a bull market. This time is clearly no different… pic.twitter.com/gN4lZdj472
— J.C. Parets (@allstarcharts) July 8, 2024
Yo, Charts — pic.twitter.com/l3lY7ay6TN
— da Chart Life (@daChartLife) July 8, 2024
#Gold‘s rejection off $2385 resistance keeps the 7-week range intact for now.
Hard to get too excited about the yellow metal from a technical perspective until we see a break one way or another. pic.twitter.com/XwsKA2l1up
— Matt Weller CFA, CMT (@MWellerFX) July 8, 2024
The headlines relating to Bitcoin the past few days have been bombastic.
Seen “freaking out”, “bloodbath” and “selling spree” among other extreme terms recently.
But looking at $BTCUSD, volatility isn’t crazy for the market and it is still near its 200-day SMA: pic.twitter.com/xeIUqBnpVZ
— John Kicklighter (@JohnKicklighter) July 8, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, July 8, 2024 appeared first on The Chart Report.
