Daily Chart Report 📈 Wednesday, July 17, 2024
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Today’s Summary
Wednesday, July 17, 2024
Indices: Dow +0.59% | Russell 200 -1.06% | S&P 500 -1.39% | Nasdaq 100 -2.94%
Sectors: 6 of the 11 sectors closed higher. Consumer Staples led, gaining +1.29%. Tech lagged by a wide margin, dropping -3.89%.
Commodities: Crude Oil futures gained +2.59% to $82.85 per barrel. Gold futures fell -0.32% to $2,460 per oz.
Currencies: The US Dollar Index dropped -0.48% to a four-month low of $103.74.
Crypto: Bitcoin fell -1.52% to $64,091. Ethereum fell -1.65% to $3,3.88.
Volatility: The Volatility Index jumped +9.62% to 14.47.
Interest Rates: The US 10-year Treasury yield was unchanged at 4.159%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
1.618 Fib extension of the 2021-2022 bear market has been achieved…$SPX $SPY $ES_F pic.twitter.com/iAzO5fTDQ5
— Ian McMillan, CMT (@the_chart_life) July 17, 2024
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life).
- The S&P 500 dropped -1.39% from a record high today, marking its first -1% decline since April 30th. Ian points out that the S&P 500 has reached the 161.8% Fibonacci extension of the bear market drawdown.
- This natural resistance level is around 5,600. Within the past week, the Nasdaq and Semiconductors have also reached their Fibonacci targets.
- This is really the first significant resistance level the index has encountered since breaking out seven months ago. This doesn’t mean the bull market is over, but after rallying +14% in just three months, this would be a logical place for a pause, pullback, consolidation, or correction.
The Takeaway: The S&P 500 has arrived at the 161.8% Fibonacci extension of the bear market decline, around 5,600. This is a natural spot for Large Caps to digest their recent gains.
Quote of the Day
“The best profits in the stock market are made by people who get long or short at extremes and stay for months or years before they take their profit.”
– Charles Dow
Top Links
7 Reasons the Times Are A-Changin’ for Small Caps – Carson Research
Ryan Detrick examines the outlook for Small Caps after their recent rally.
Market Internals Hit New Highs – All Star Charts
JC Parets looks at the recent expansion in new highs.
What to Expect From Recent RUT Outperformance – Schaeffer’s Investment Research
Rocky While looks at how the S&P 500 has historically performed after Small Caps outpeform.
Top Tweets
The carnage is real.
$QQQ worst day since December 2022. pic.twitter.com/bhLl3LRuar
— TrendSpider (@TrendSpider) July 17, 2024
Despite $SPX posting its worst day since April 30, the benchmark equities gauge has gone 352 sessions through Wednesday without a drop of at least 2% — its longest streak since the onset of the global financial crisis in 2007, according to data compiled by Bloomberg. pic.twitter.com/rXRqqFdGgy
— Jessica Menton (@JessicaMenton) July 17, 2024
This could be the first summer storm of 2024
Remember, the S&P 500 hasn’t made it out of a summer w/o a 1% down day since 1979
Drops are normal, especially after frantic rallies pic.twitter.com/3kszeWBCmA
— Callie Cox (@callieabost) July 17, 2024
Another breadth chart! The $SPX may have dropped today but for the 2nd straight day (& 3 in 5) >75% of stocks beat the index as the megacaps dropped: pic.twitter.com/ZvqGaoW3Nc
— Optuma (@Optuma) July 18, 2024
$SMH worst day since March 2020 pic.twitter.com/MFEnwJxaYQ
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) July 17, 2024
More new all-time highs for the Dow Jones $DIA: pic.twitter.com/Bs4Ucj0Pxc
— Caleb Franzen (@CalebFranzen) July 17, 2024
Minimum volatility having a moment here …$USMV – $MTUM difference today is 3.95%
Second largest ever (since 2013) pic.twitter.com/MjWRCp7d8x
— Sonu Varghese (@sonusvarghese) July 17, 2024
Consumer Staples breakout $XLP pic.twitter.com/4qekPRmy9A
— Michael Kahn, CMT (@mnkahn) July 17, 2024
The largest component of the Dow Jones Industrial Average is breaking out of a multi-year base to new all-time highs. Is it bad for the stock market when its biggest weighting is just now starting to go up in price? $UNH $DJIA pic.twitter.com/7x4iWn2Tc5
— J.C. Parets (@allstarcharts) July 17, 2024
Small-Caps printed an impressive momentum thrust with a 5-Day ROC > 10%. We tend to see these readings after significant bear market lows and in the early stages of new bull run. $IWM pic.twitter.com/pamHfI59Wa
— Alfonso Depablos, CMT (@AlfCharts) July 17, 2024
On Tuesday, the percentage of Russell 2000 stocks registering a 21-day high reached the third-highest level in history. pic.twitter.com/FdyIo0a6b4
— Dean Christians, CMT (@DeanChristians) July 17, 2024
New set up in $XME Would you buy the breakout. pic.twitter.com/dPOQ9eDzWR
— Against All Odds Research (@JasonP138) July 17, 2024
New multi-month lows for the US Dollar Index. The dollar and rates remain in a highly correlated regime. $TNX $IEF $DXY pic.twitter.com/OjEMVQ6ZdC
— Shane C. Murphy (@murphycharts) July 17, 2024
This is “Golden Cross” #3⃣ on $TLT over the last 26 months.
This time it might mean something because the 200 is now flat/adv slightly.
Moving average crossovers by themselves represent indecision but it is a reason to look closer.https://t.co/wBt3rcpema pic.twitter.com/Hu0haXUP3m
— Brian Shannon, CMT (@alphatrends) July 17, 2024
While I am impressed by the current bounce in Bitcoin $BTC it should be noted that the sequence of lower highs and lower lows continues despite the halving, despite the ETf, despite the hype pic.twitter.com/V5M6FFaMpJ
— Peter Brandt (@PeterLBrandt) July 17, 2024
throw out those Dow 40,000 hats pic.twitter.com/1037ihWrlE
— Sam Ro
(@SamRo) July 17, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Wednesday, July 17, 2024 appeared first on The Chart Report.
