Daily Chart Report 📈 Tuesday, July 30, 2024
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Today’s Summary
Tuesday, July 30, 2024
Indices: Dow +0.50% | Russell 2000 +0.35% | S&P 500 -0.50% | Nasdaq -1.38%
Sectors: 7 of the 11 sectors closed higher. Energy led, gaining +1.55%. Tech lagged, dropping -2.51%.
Commodities: Crude Oil futures fell -1.42% to $74.73 per barrel. Gold futures were flat at $2,452 per oz.
Currencies: The US Dollar Index fell –0.11% to $104.45.
Crypto: Bitcoin is down -0.94% to $66,155. Ethereum is down -1.31% to $3,276.
Volatility: The Volatility Index rose +6.57% to 17.68.
Interest Rates: The US 10-year Treasury yield dropped to 4.141%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Didn’t have Russell 2000 catching the Nasdaq 100 year-to-date on my bingo card to start this month. Getting close… pic.twitter.com/WQ88iN3Fso
— Jay Woods (@JayWoods3) July 30, 2024
Today’s Chart of the Day was shared by Jay Woods (@JayWoods).
- Jay points out that the Russell 2000 is suddenly neck and neck with the Nasdaq 100 this year. With $MSFT under pressure after hours, it has pulled slightly ahead of the Nasdaq.
- The Nasdaq erased half of its year-to-date gains in just 14 trading days. It was up as much as +22.9% at its peak on July 10th, but it’s currently up +11.7%.
- Over the same 14-day period, the Russell 2000 went from +0.9% to +11.5% (YTD as of today’s close).
The Takeaway: The Russell 2000 could overtake the Nasdaq in year-to-date performance tomorrow after lagging by more than 20% less than three weeks ago.
Quote of the Day
“Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.”
–Warren Buffett
Top Links
Why The First 2% Drop In A Long Time Doesn’t Mean The Bull Market Is Over – Carson Research
Ryan Detrick looks at the recent volatility in the S&P 500.
This Hasn’t Happened Since Last September – Capp Thesis
Frank Cappelleri breaks down the recent patterns and price action in the S&P 500 ahead of the July FOMC meeting and earnings.
S&P 500 Equal Weight ETF Gains Strength – StockCharts
Bruce Fraser highlights the breakout in the Equal-Weight S&P 500.
Here’s What’s Actually Driving Things – All Star Charts
JC Parets interprets the Bond Market’s message.
Last Trading Day of July Leans Bearish Last 21 Years – Almanac Trader
Jeff Hirsch points out that the final trading day in July (tomorrow) has historically been weak.
Top Tweets
Most indexes are stuck in a range. Not a time to swing for the fences IMO $SPY pic.twitter.com/70BdCbhdSJ
— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) July 30, 2024
Those two unfilled gaps… pic.twitter.com/sfRxYRzmkL
— Walter Deemer (@WalterDeemer) July 30, 2024
#NQ_F, 20min
BT = Bear Trap.
If NQ decides to stage a counter-rally tomorrow, it would be important to see the price action at the 19400 level. If it fails to break out…. early August can be red. pic.twitter.com/UvJzvweyqH
— Yuriy Matso (@yuriymatso) July 30, 2024
Small caps now beating the Nasdaq 100 in 2024:
YTD total returns (including AH post $MSFT earnings)$IWM +11.4%$QQQ +10.9% pic.twitter.com/IXhiPMnsVX
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) July 30, 2024
Homebuilders $HXB continue to act strong
pic.twitter.com/SN3uklkROT
— Alfonso Depablos, CMT (@AlfCharts) July 30, 2024
The energy sector is advancing from an(other) orderly correction in its long-term uptrend; we’re watching $OIH for a possible triangle breakout, given renewed momentum, and like its low correlation to $SPX as a source of diversification #fairleadstrategies #technicalanalysis pic.twitter.com/aRN5xPVpau
— Katie Stockton, CMT (@StocktonKatie) July 30, 2024
$XLE Weekly.
Have we become so focused on lower rates that we’re neglecting energy?
$XOM $CVX reporting on Fri morning. pic.twitter.com/uZXwPfTpHB
— Brian G (@alphacharts) July 30, 2024
$TLT coiled heading into FOMC and NFP. Coiled markets lead to breakouts and trends. pic.twitter.com/8DT6hSWuzX
— Jamie Saettele, CMT (@JamieSaettele) July 30, 2024
You may be aware that the 1-year anniversary of the Fed Pause just occurred, but we find it notable that the conclusion of July marks 4-years since the Bloomberg Bond Agg Index last posted a new all-time high. It’s by far the longest streak since index inception (January 1976). pic.twitter.com/GPFTCnUz5Q
— Todd Sohn (@Todd_Sohn) July 30, 2024
$NVDA got down to $100.01 after-hours before popping back on $AMD earnings.
Who says round numbers don’t matter? pic.twitter.com/wfUm68TQth
— Matt Weller CFA, CMT (@MWellerFX) July 30, 2024
— Mads Capital (@MadsCapital) July 30, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, July 30, 2024 appeared first on The Chart Report.
