Daily Chart Report 📈 Wednesday, July 31, 2024

Patrick Dunuwila The Chart Report

9 months ago

4 MIN READ

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Today’s Summary
Wednesday, July 31, 2024

Indices: Nasdaq +3.01% | S&P 500 +1.58% | Russell 2000 +0.51% | Dow +0.24%

Sectors: 7 of the 11 sectors closed higher. Technology led, gaining +4.24%. Health Care lagged, dropping -0.37%.

Commodities: Crude Oil futures rose +4.26% to $77.91 per barrel. Gold futures rose +0.86% to an all-time high of $2,473 per oz.

Currencies: The US Dollar Index dropped –0.42% to $104.02.

Crypto: Bitcoin dropped -2.36% to $64,612. Ethereum fell -1.45% to $3,231.

Volatility: The Volatility Index dropped -7.41% to 16.37.

Interest Rates: The US 10-year Treasury yield dropped to a five-month low of 4.033%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

Largest single-day gain for Semiconductors in over 14 months (if it holds ’til session end) $SMH +7.56% pic.twitter.com/ih1pDy5ysD

— Grayson Roze (@GraysonRoze) July 31, 2024

Today’s Chart of the Day was shared by Grayson Roze (@GraysonRoze).

The Semiconductor ETF ($SMH) closed higher by +7.63% today, marking the best day since $NVDA’s famous earnings report in May 2023, which effectively kicked off the “A.I. Rally.”

Semis are still the best-performing industry group this year. $SMH is up +41.2% YTD despite pulling back as much as -18% over the past three weeks.

$SMH reclaimed the March highs today, around $235, and the trend remains unequivocally higher. After a healthy correction, today’s thrust may have reignited the uptrend.

The Takeaway: Semis ($SMH) had their best day since $NVDA broke out in May 2023. Today’s thrust could mark the

Quote of the Day

“Stock moves start with technicals,
are confirmed by fundamentals,
and end with emotion.”

–Darren Chabot

Top Tweets

Like clockwork pic.twitter.com/QPBFMVtIx3

— Bespoke (@bespokeinvest) July 31, 2024

Buy signals flashed across Wall Street as traders grew optimistic about rate cuts coming soon after Fed Chair Powell left the door open to lowering borrowing costs in September. $SPX jumped 1.6% — its best Fed Day session since July 2022 https://t.co/pMFIpXxSJ8 pic.twitter.com/4KIPFhP214

— Jessica Menton (@JessicaMenton) July 31, 2024

SPX not the most impressive monthly candle, but still an ATH

Positive 8 of the last 9 months. pic.twitter.com/sigwAzRpkf

— Mike Zaccardi, CFA, CMT (@MikeZaccardi) July 31, 2024

July ’24 had a huge rally into July 17th this year.

The avg year peaks on July 17

Then weakness the third week

Then a late month rally

Amazing how well this all played out to form. pic.twitter.com/06uSAnG5cO

— Ryan Detrick, CMT (@RyanDetrick) July 31, 2024

$NVDA‘s +13% day helped turn $SPX positive for the month, making it the 10th straight July with a gain. It wasn’t enough to save $XLK however, which had its 1st negative July (-3.28%) since 2008: pic.twitter.com/0qjX3cj4Eg

— Optuma (@Optuma) July 31, 2024

$SPX Updated: https://t.co/O8vmZi9z6z pic.twitter.com/JdtUCPsfcS

— Frank Cappelleri (@FrankCappelleri) July 31, 2024

In absolute terms, the market is in decent shape, with 78% of stocks in uptrends. That’s higher than a few weeks ago, even though the index is lower. pic.twitter.com/UsMEEtvKbl

— Jurrien Timmer (@TimmerFidelity) July 31, 2024

JUST IN : Gold soars to new all-time high pic.twitter.com/Zyfm5XBGPB

— Barchart (@Barchart) July 31, 2024

Notice the decline today in 10 year yields has broken the uptrend from April 2023 (blue line). #StockMarket pic.twitter.com/DesJFtBbdn

— Bonnie Gortler (@Optiongirl) July 31, 2024

One of the more painful declines out there… finally done? pic.twitter.com/RXFmP0T2c5

— Todd Sohn (@Todd_Sohn) July 31, 2024

$NVDA +13% today.
It’s gain in market cap today ($331B) is more than what 481 of the stocks in the S&P 500 were worth yesterday. pic.twitter.com/DshMQSNRAH

— Willie Delwiche, CMT, CFA (@WillieDelwiche) July 31, 2024