Daily Chart Report 📈 Wednesday, July 24, 2024
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Today’s Summary
Wednesday, July 24, 2024
Indices: Dow -1.25% | Russell 2000 -2.13% | S&P 500 -2.32% | Nasdaq -3.65%
Sectors: 3 of the 11 sectors closed higher. Utilities led, gaining +1.12%. Technology lagged, dropping -4.14%.
Commodities: Crude Oil futures rose +0.82% to $77.59 per barrel. Gold futures rose +0.35% to $2,416 per oz.
Currencies: The US Dollar Index fell –0.13% to $104.33.
Crypto: Bitcoin fell -0.86% to $65,376. Ethereum dropped -4.25% to $3,335.
Volatility: The Volatility Index surged +22.57% to a three-month high of 18.03.
Interest Rates: The US 10-year Treasury yield rose to 4.288%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Even though $SPX was down 2% today 165 stocks closed higher. This is by far the most number of advancing stocks on -2% days over the last 10 years (the next highest was 101 at the March 2020 Covid low): pic.twitter.com/4rMWgrbuE0
— Optuma (@Optuma) July 24, 2024
Today’s Chart of the Day was shared by Optuma (@Optuma).
- The S&P 500 had its worst day since December 2022 today, dropping -2.32%. Today was the first -2% decline in 356 days, ending the longest streak without a -2% decline since 2007.
- The weakness was primarily attributed to the Magnificent 7. For the longest time, this handful of Mega Cap stocks covered up broad weakness beneath the surface of the S&P 500.
- We’re starting to see the opposite, where the Magnificent 7 is masking some of the broadening strength beneath the surface. Optuma points out that 156 stocks in the S&P 500 closed higher today. Over the past decade, the index has never had more advancers on a -2% day.
The Takeaway: The S&P 500 had its worst day since December 2022 today, dropping -2.32%. Despite today’s jarring decline, nearly a third of the index closed higher. It wasn’t enough to offset the weakness from the Mag 7, but this is still a healthy way to correct.
Quote of the Day
“Many receive advice,
only the wise profit from it.”
– Harper Lee
Top Links
Oops! The Dollar Did It Again – All Star Charts
Is the Japanese Yen Nearing an Historic Bottom? – Kimble Charting Solutions
Chris Kimble highlights a potential multi-year bottom in the Japanese Yen.
Bull Markets Are For Making Money – Breakout Multiplier
Check out the replay of today’s live event, where JC Parets and Steve Strazza shared their three-step process for increasing their profit potential on trades.
Players Have Changed But Election Year Path Endures – Almanac Trader
Jeff Hirsch examines the average election year for the S&P 500.
Top Tweets
The S&P 500 had its first close with a >2% decline since Feb 21, 2023. The streak finally ended at 356 trading days. pic.twitter.com/hRrMCu2rMG
— Liz Young Thomas (@LizThomasStrat) July 24, 2024
The S&P 500 fell 2.3% today, its largest decline since December 2022. History of large down days since 1928. $SPXhttps://t.co/l5IYmkeySJ pic.twitter.com/zspT2PMJ6A
— Charlie Bilello (@charliebilello) July 24, 2024
$QQQ worst session since Oct 2022 pic.twitter.com/fv2pYuKFYL
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) July 24, 2024
$SPX Different or the same? pic.twitter.com/15hA3RWfyc
— Frank Cappelleri (@FrankCappelleri) July 24, 2024
intermediate term trend getting a little wonky…$SPX $SPY $ES_F pic.twitter.com/WK3e8JVToO
— Ian McMillan, CMT (@the_chart_life) July 24, 2024
Just remember, stocks can go down.
We are currently more than 3% off the recent peak, but these types of dips happen more than 7 times in your average year.
We’ve had one 5% mild correction already this yr and the odds of another one before the election is very high. pic.twitter.com/2vPbfTHawt
— Ryan Detrick, CMT (@RyanDetrick) July 24, 2024
Small-cap update: current move relative to history is shy of average rally off major lows… runway? pic.twitter.com/syF8YAkKZz
— Todd Sohn (@Todd_Sohn) July 24, 2024
Go with the crowd until it reverses at an extreme.
II bull-bear spread at its highest level since late- 2017/early-2018 suggests optimism is extreme.
All the net losses for the S&P 500 over the past decade have come after the spread has dropped below 20%. pic.twitter.com/fJsiUjBx3N
— Willie Delwiche, CMT, CFA (@WillieDelwiche) July 24, 2024
Great long-term base for Copper but now is not the time. pic.twitter.com/Vyons3TJeZ
— Jordan Roy-Byrne CMT, MFTA
(@TheDailyGold) July 24, 2024
Not hearing much about Copper/Gold these days. pic.twitter.com/62KSPkGsLo
— Mark Ungewitter (@mark_ungewitter) July 24, 2024
Current drawdowns:
Nasdaq 100 -7.4%
Apple -7.1%
Microsoft -8.2%
Amazon -9.3%
Google -9.5%
Facebook -13.3%
Nvidia -14.4%
Tesla -46.2% pic.twitter.com/XxROWWtxtg— Ben Carlson (@awealthofcs) July 24, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Wednesday, July 24, 2024 appeared first on The Chart Report.
