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Today’s Summary
Thursday, July 8th, 2021
Indices: US Stocks closed lower in today’s session, with the Dow slipping 260 points or 0.75%. The S&P 500 and Nasdaq fell 0.86% and 0.72%. The Russell 2000 underperformed, dropping 0.94%.
Sectors: All 11 sectors closed lower. Real Estate led, but still inched lower by 0.09%. Financials lagged, dropping 2.00%.
Commodities: Crude Oil futures rose 1.02% to $72.94 per barrel. Gold futures inched lower by 0.11% to $1,800 per ounce.
Currencies: The US Dollar Index fell 0.37%.
Interest Rates: The 10-year US Treasury yield continued lower to 1.294%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Heikin Ashi Candlesticks$LIT pic.twitter.com/y2ibxlfaHa
— Shane C. Murphy (@murphycharts) July 8, 2021
Today’s Chart of the Day was shared by Shane Murphy (@MurphyCharts). It’s a Heikin Ashi candlestick chart of the Lithium & Battery Tech ETF, $LIT, over the past 1.5 years. This ETF is comprised of companies that are involved in the production of lithium batteries. Shane points out that $LIT is breaking out to all-time highs. In a comment to The Chart Report, Shane said “$LIT is breaking out of a 6-month base within a strong uptrend. The former highs, around $72-74, offer a well-defined risk level to trade against.”
Quote of the Day
“When everyone’s waiting for a pullback to buy, either you don’t get a pullback, or, if you do, you shouldn’t buy into it.”
– Bob Farrell
Top Links
Analyzing Market Growth – TD Ameritrade Network
David Keller weighs in on breadth, rotation, interest rates, and Bitcoin.
This Energy Group is Moving on the RRG – StockCharts.com
Julius de Kempenaer points out that Coal stocks are heating up.
Bull and Bears Retreat – Bespoke
Bespoke analyzes the results of the latest AAII Sentiment Survey.
King Dollar About To Rally Off Support and Drive Down Commodities? – Kimble Charting Solutions
Chris Kimble examines the relationship between the US Dollar and Commodities.
Diverging Breadth and Frothy Sentiment – Almanac Trader
Jeff Hirsch highlights some headwinds for stocks in the near term.
Top Tweets
$ES, 1h
Well, here we go again…
ES might form another Bear Trap 🙂 pic.twitter.com/polYJ5oM9A
— Yuriy Matso (@yuriymatso) July 8, 2021
Shocking, $QQQ gets best in show for its recovery from lows on close. $SPX $NDX $IWM pic.twitter.com/Ia1hYWGP8e
— Kate's Dad (@KASDad) July 8, 2021
Who does not like some tail(s)? $SPX pic.twitter.com/y8O7RbOzb6
— Michael Kahn, CMT (@mnkahn) July 8, 2021
Everyone with a foot out the door:
Today's Low TICK tied for *4th lowest* in history (31 years).
Prior extremes marked capitulation selling – Stocks had minimal further losses & bottomed within 0-2 days.
All but one record spike came in the last year – is this time different? pic.twitter.com/zKCOFcyXPx
— Macro Charts (@MacroCharts) July 8, 2021
Here's GS Growth/Value today
just a schizophrenic session thus far – like 5 > 1% reversals pic.twitter.com/xP1YlvOuh6
— Tom Hearden (@followtheh) July 8, 2021
NAAIM Exposure index down to 82.5 this week from 91.7 last week.
Pattern of lower peaks still in place, suggesting optimism here is fading but hasn't been washed out. pic.twitter.com/6CnZeiU6zb
— Willie Delwiche (@WillieDelwiche) July 8, 2021
65-day lows in SP1500 Banks surging as 10-year yields intersect their rising 200-day moving average. pic.twitter.com/FYoZHVqT0r
— RenMac: Renaissance Macro Research (@RenMacLLC) July 9, 2021
wasn't really expecting this bull flag in rates to break down, but there it goes $TNX $TLT pic.twitter.com/mPvibr8prR
— BostonCharts (@bostonchaahhts) July 8, 2021
$TLT right shoulder? pic.twitter.com/5pyM3hE8yh
— Mark Ungewitter (@mark_ungewitter) July 8, 2021
Year-to-date chart of the IBD 50 growth stock index.
Maximum choppiness. Minimal progress. pic.twitter.com/YdyxFWkP4R
— Danny Merkel (@ChartingTrends) July 8, 2021
— Arun S. Chopra CFA CMT? (@FusionptCapital) July 8, 2021
You’re all caught up now. Thanks for reading!