Daily Chart Report 📈 Tuesday, July 2, 2024
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Today’s Summary
Tuesday, July 2, 2024
Indices: Nasdaq +1.01% | S&P 500 +0.62% | Dow +0.41% | Russell 2000 +0.19%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led by a wide margin, gaining +1.95%. Health Care lagged, falling -0.37%.
Commodities: Crude Oil futures fell -0.68% to a two-month high of $82.81 per barrel. Gold futures fell -0.24% to $2,333 per oz.
Currencies: The US Dollar Index was flat at $105.83.
Crypto: Bitcoin fell –1.27% to $62,033. Ethereum fell -0.69% to $3,417.
Volatility: The Volatility Index fell -1.72% to 12.02.
Interest Rates: The US 10-year Treasury yield fell to 4.434%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$AAPL $AMZN $MSFT new record highs.$GOOGL $QQQ just below.$NVDA consolidating before what I expect will be the next leg higher and new all-time highs. pic.twitter.com/9IARW67dkT
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) July 2, 2024
Today’s Chart of the Day was shared by Larry Tentarelli (@bluechipdaily).
- The Nasdaq 100 ($QQQ) closed at a record high for the first time in two weeks today. It began stalling when $NVDA reversed lower on June 20th. $NVDA remains -9.5% off its highs, but the other Mega-Caps have made up for it.
- Larry points out that $AAPL, $AMZN, and $MSFT closed at record highs today, with $GOOGL just pennies away. Together, these four stocks make up 28% of $QQQ.
- Many call this an unhealthy tape due to how narrow leadership has been. While breadth isn’t ideal, it’s hard to be aggressively bearish if the most influential stocks are hitting record highs.
The takeaway: The Nasdaq 100 ($QQQ) broke out of a two-week consolidation today. While $NVDA has corrected, other Mega-Caps have perked up. Many view Mega-Cap dominance as bearish, but leaders are supposed to lead.
Quote of the Day
“When people are looking for performance, they sharpen their pencils and find reasons to buy.”
– Michael Price
Top Links
Why A Good First Half For Stocks Bodes Well The Second Half – Carson Research
Ryan Detrick looks at how stocks have historically performed in the second half of the year following a strong first half.
The S&P 500’s Second Half Setup – CappThesis
Frank Cappelleri breaks down the technical setup for the S&P 500 in the second half of the year.
July Best S&P & NASDAQ Month Last 21-Years – Almanac Trader
Jeff Hirsch examines July seasonality.
Sector Rotation Sector Rotation Sector Rotation – All Star Charts
JC Parets highlights the evidence of rotation within the market.
Don’t Trend it All in One Place, Says Macro Risk’s John Kolovos – CNBC
John Kolovos shares his technical perspective on the S&P 500, Semiconductors, Credit Spreads, and more.
Top Tweets
Rare to see a candle that clean opening at the bottom and closing on the highs $SPY pic.twitter.com/Yqq90HD5AH
— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) July 2, 2024
$NDX Nasdaq 100 vs. $SPX S&P 500
3-month exponential moving average.
This long-term ratio chart is telling us to own Tech stocks, not sell them! pic.twitter.com/B0EgYGG3kI
— Shane C. Murphy (@murphycharts) July 3, 2024
1st half of July is the best period for the $SPX historically, beating out even the last 2nd half of December. Let’s talk after the July 4th holiday. pic.twitter.com/1oFwjDlaQ4
— RenMac: Renaissance Macro Research (@RenMacLLC) July 2, 2024
$XLY Cons Discretionary
reminder, $AMZN and $TSLA (two strong names)_make up ~ 40% of this ETF pic.twitter.com/mN4VxAOmcp
— Christian Fromhertz
(@cfromhertz) July 2, 2024
Ratio of consumer discretionary stocks to their equal-weighted counterpart…
No need to desiccate which stocks are changing the trend pic.twitter.com/zeR9T8QurB— conradseric, CMT, CAIA, CEFA (@conradseric) July 2, 2024
This is not a healthy market.
The Nasdaq Composite scored another new high on Monday.
But fewer than 40% of stocks advanced, and there were more new lows than new highs.
It joins only a few other sickly markets as precedents. pic.twitter.com/sYXJD3JWwY
— Jason Goepfert (@jasongoepfert) July 2, 2024
Rolling 1-year correlation between changes in Russell 2000 and 10y Treasury yield has fallen to lowest since late 1997 pic.twitter.com/54v3wnMGwW
— Liz Ann Sonders (@LizAnnSonders) July 2, 2024
The US Dollar Index $DXY is essentially flat since Thursday’s US Presidential Debate.
To the extent Biden’s re-election chances have dropped, you would expect the greenback to fall given the persistent trend of dollar weakness under Republican Presidencies since 1984.
pic.twitter.com/yq7AZ5ADuI
— Matt Weller CFA, CMT (@MWellerFX) July 2, 2024
Gold logged a bullish base breakout in March but hasn’t yet established a decisive uptrend versus SPX. pic.twitter.com/2VtUAZ6HbH
— Mark Ungewitter (@mark_ungewitter) July 2, 2024
$NVDA vs $TSLA pic.twitter.com/GIQO8dyYcj
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) July 2, 2024
Another trip back to the price where S&P 500 index investors first bought $TSLA in late 2020…. pic.twitter.com/mSwbCRDOtG
— Michael Santoli (@michaelsantoli) July 2, 2024
$TSLA
pic.twitter.com/AiUBDElDMI
— Scott (@ScottPolhamus) July 2, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, July 2, 2024 appeared first on The Chart Report.
