Daily Chart Report 📈 Thursday, July 25, 2024
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Today’s Summary
Thursday, July 25, 2024
Indices: Russell 2000 +1.26% | Dow +0.20% | S&P 500 -0.51% | Nasdaq -1.06%
Sectors: 4 of the 11 sectors closed higher. Energy led, gaining +1.73%. Communications lagged, falling -1.15%.
Commodities: Crude Oil futures rose +0.89% to $78.28 per barrel. Gold futures dropped -2.57% to $2,354 per oz.
Currencies: The US Dollar Index inched higher by +0.07% to $104.40.
Crypto: Bitcoin is up +0.50% to $65,704. Ethereum is down -4.97% to $3,170.
Volatility: The Volatility Index rose +2.44% to a three-month high of 18.47.
Interest Rates: The US 10-year Treasury yield dropped to 4.245%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
underside trendline tag is bearish imo $SPX $SPY pic.twitter.com/lnUI9MLNZg
— Jamie Saettele, CMT (@JamieSaettele) July 25, 2024
Today’s Chart of the Day was shared by Jamie Saettele (@JamieSaettele).
- The S&P 500 ($SPX) closed lower for the third straight day after fumbling an attempted rebound. It was up nearly +1.2% this afternoon but went negative in the final 30 minutes, closing lower by -0.51%.
- $SPX was rejected as it attempted to reclaim a rising trendline that broke yesterday. This trendline dates back to the October 2023 low. It coincides with the June highs, just south of 5,500.
- Jamie points out that this rejection doesn’t bode well for the bulls in the near term. The index is still trending higher over most time frames, but the rally off the October lows has cracked after gaining as much as +38% in nine months.
The Takeaway: The S&P 500 tried to rebound today but gave it all back and then some. It was rejected after testing the underside of a broken trendline. The rally off the October 2023 lows has officially cracked, and further downside is likely in the near term.
Quote of the Day
“The best plan is to profit by the folly of others.”
– Pliny the Elder
Top Links
Assessing the Technical Damage – LPL Financial Research
Adam Turnquist examines the outlook for the S&P 500 after the recent pullback.
Putting the Pieces Together – Trading Adventures
Andrew Moss highlights the key takeaways from this week’s price action.
Big Decline But No Bad Breadth? – Bespoke
Bespoke looks at the usual price action in the S&P 500 on Wednesday.
Top 5 Reasons to Invest in ETFs: Stocks in Translation – Yahoo Finance
Todd Sohn discusses the trends and themes in the ETF market.
This Group of Stocks is Next – All Star Charts
JC Parets points out that Transportation stocks are finally shaping up
Top Tweets
Heck of a rug pull end of day in the S&P 500 $SPY pic.twitter.com/A5KdaMsJ59
— Barchart (@Barchart) July 25, 2024
YTD:$IWM +10.4%$QQQ +12.2% pic.twitter.com/eJYvjEWdA2
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) July 25, 2024
Second half shaping up to be different than the first half.
If all you know (and are positioned for) is large-cap leadership and small-cap laggardship, you are going to want to pay attention (and maybe make some changes). pic.twitter.com/eC2VM52v4u
— Willie Delwiche, CMT, CFA (@WillieDelwiche) July 25, 2024
The tail that wags the dog….. $SPX $SPY pic.twitter.com/wjGn8lRLSK
— Andrew Thrasher, CMT (@AndrewThrasher) July 25, 2024
“I can’t buy small-caps now, they’re up 10% in a month!”
Chuckles. pic.twitter.com/h2r15P9GwW
— Steve Deppe, CMT (@SJD10304) July 25, 2024
Pretty crazy how similar 2023 and 2024 have been. Up until mid-July, the S&P’s YTD change had been trading near tick-for-tick for the last couple of months. The late-July sell-off came a little earlier in 2024. Bulls will be hoping this pattern diverges quickly! pic.twitter.com/nC8nqFVVlv
— Bespoke (@bespokeinvest) July 25, 2024
Papa trying to hold ~40,000 and the 20 day MA…$DJI $DJIA $DIA pic.twitter.com/gWg452GaPM
— Ian McMillan, CMT (@the_chart_life) July 25, 2024
Decent track record for $QQQ when RSI drops below 34 during long-term uptrends (above 200-day moving average).
The only outright failure over the next 3-6 months was Jan 2022 that initiated the bear market. pic.twitter.com/wW7dNC9RcD
— Jason Goepfert (@jasongoepfert) July 25, 2024
First they hate it and then they chase it. $XBI Biotech pic.twitter.com/20Fs4alsbH
— Against All Odds Research (@JasonP138) July 25, 2024
$Silver – I warned the silver bugs but they wouldn’t listen. Now they are being taken to the cleaners by the big boys. Silver will keep moving lower into the next 15 week cycle low on August 12-16 while they call for bottoms every day. The next support level is the May low at 26. pic.twitter.com/1XoiJQp1fZ
— CyclesFan (@CyclesFan) July 25, 2024
In case anyone doubted the role of carry trades on $NDX, here’s $JPY vs $NQ for the past 13 days: pic.twitter.com/R9I02jK5jY
— Steve Sosnick (@SteveSosnick) July 25, 2024
$NVDA We are now in similar territory to previous outside reversal day correction back in the Spring. Recall excessive optimism preceded both events in our buyers frenzy model: pic.twitter.com/fWOnnhyPqc
— RenMac: Renaissance Macro Research (@RenMacLLC) July 25, 2024
bruh https://t.co/wkM6hYQOZy pic.twitter.com/T6Us3EpTYV
— Arun S. Chopra CFA CMT
(@FusionptCapital) July 25, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, July 25, 2024 appeared first on The Chart Report.
