Daily Chart Report 📈 Tuesday, July 9, 2024
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Today’s Summary
Tuesday, July 9, 2024
Indices: S&P 500 +0.07% | Nasdaq +0.07% | Dow -0.13% | Russell 2000 -0.45%
Sectors: 6 of the 11 sectors closed higher. Financials led, gaining +0.77%. Materials lagged, falling -1.02%.
Commodities: Crude Oil futures fell -1.12% to $81.41 per barrel. Gold futures rose +0.19% to $2,368 per oz.
Currencies: The US Dollar Index rose +0.10% to $105.12.
Crypto: Bitcoin rose +2.33% to $58,033. Ethereum rose +1.59% to $3,067.
Volatility: The Volatility Index rose +1.13% to 12.50.
Interest Rates: The US 10-year Treasury yield was rose to 4.300%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Emerging markets new 52 week high.$EEM pic.twitter.com/ojL5J8gEjc
— David Rath, CMT, CFA (@DJwrath) July 9, 2024
Today’s Chart of the Day was shared by David Wrath (@DJwrath).
- The Emerging Markets ETF ($EEM) closed at a two-year high today after clearing the May peak.
- $EEM initially broke out to new 52-week highs in early May, but it peaked two weeks later.
- After a minor pullback and a successful retest of its 50-DMA (blue), $EEM is resolving higher from a two-month base.
The takeaway: Emerging Markets ($EEM) have persistently underperformed US Stocks over the past decade. But they’ve finally joined the bull market, and the path of least resistance for $EEM is higher in the near term.
Quote of the Day
“Fortunes are made every year by those who take the time to learn to interpret charts properly.”
– William J. O`Neil
Top Links
The Plight of the Largest 7 – Ned Davis Research
NDR points out that it hasn’t historically paid to overweight the top seven stocks in the S&P 500.
Attention Stock Market Bulls: Track This Commodity Currency – All Star Charts
Ian Culley looks at the New Zealand Dollar and what it could mean for stocks in Q3.
Silver’s AI Boom: The Next Big Trade You Need to Know About – StockCharts
Karl Montevirgen examines the breakout in Silver prices.
What Disinflation Truly Means for the Market: Stocks in Translation – Yahoo Finance
Jay Woods shares his thoughts on the current market environment.
Top Tweets
$SPY 6/6 in July
ATH pic.twitter.com/sIzMCAgLWy
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) July 9, 2024
MARKET STAT O’ THE DAY
The S&P 500 hasn’t fallen by more than -0.41% since late May (6 weeks).
The last time we had a 6-week (30-day) streak without a -0.41% or worse day was before COVID in Oct/Nov 2019.$SPX pic.twitter.com/QSmNH7gZBZ
— Matt Weller CFA, CMT (@MWellerFX) July 9, 2024
Tuesday Update: We now need 2524 cumulative net advances to eliminate the current breadth divergence; 721 more than yesterday. pic.twitter.com/GbI0PB7px7
— Walter Deemer (@WalterDeemer) July 10, 2024
The S&P 500 in 2024 has an above-average return with a below-average drawdown. pic.twitter.com/7fWKkZQTP7
— Grant Hawkridge (@granthawkridge) July 8, 2024
New 52-week+ highs for $BAC $C $GS $JPM – 4 key stocks in the 2nd biggest sector in $SPX. pic.twitter.com/XvACYdPkU0
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) July 9, 2024
Berkshire Hathaway is the largest component in the S&P Financials Index, with a 13% weighting. This is by far that biggest holding in Financials, even larger than Goldman Sachs and JP Morgan combined. pic.twitter.com/7xrQkgUfOY
— J.C. Parets (@allstarcharts) July 10, 2024
Semis $SMH are diverging from the broad market $SPX. Since 2022, every time we have seen this happen, it preceded a correction. Sometimes, it was only in time, but every time, the uptrend paused. pic.twitter.com/IxbGkQanLm
— Knox Ridley (@knox_ridley) July 9, 2024
This is the 5th time the 10-week correlation between $SPY and @IWM has dropped to negative levels (-63% now). The orange arrows on $IWM‘s chart shows what happened to Russell 2000 AFTER the correlation dropped to negative levels. pic.twitter.com/HBEgSXlSVg
— David Settle, CMT (@davidsettle42) July 9, 2024
This is the lowest the VIX has ever been on July 9th during an election year. pic.twitter.com/7VizD206xm
— Bespoke (@bespokeinvest) July 9, 2024
Currently one of the most compressed periods for the $VIX in the last 10yrs. Dispersion has been at or under current levels during just a handful periods of time. pic.twitter.com/3cocMjCY4k
— Andrew Thrasher, CMT (@AndrewThrasher) July 9, 2024
After a logical consolidation to use the 20d and 50d MAV as springboard, the NIKKEI regained strength to print a NEW HIGH pic.twitter.com/wGS9VhmQYv
— conradseric, CMT, CAIA, CEFA (@conradseric) July 9, 2024
Banzai, Yo – in the current up cycle the Nikkei is +51% since Feb ‘23. Monthly MACD has been positive for 12 1/2 years! pic.twitter.com/QBPbobV2dP
— da Chart Life (@daChartLife) July 9, 2024
$DELL If I were a betting man… pic.twitter.com/yhnehsyeQA
— Alan Cohen (@al_xdpg) July 8, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, July 9, 2024 appeared first on The Chart Report.
