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Todayâs Summary
Tuesday, July 11, 2023
Indices: Russell 2000 +0.96% | Dow +0.93% | S&P 500 +0.67% | Nasdaq 100 +0.49%
Sectors: All 11 sectors closed higher. Energy led, gaining +2.20%. Health Care lagged, but still ticked higher by +0.03%.
Commodities: Crude Oil futures fell +2.52% to $74.83 per barrel. Gold futures rose +0.32% to $1,937 per oz.
Currencies: The US Dollar Index dropped -0.29% to $101.67.
Crypto: Bitcoin rose +0.66% to $30,621. Ethereum was flat, and continues to trade at $1,879.
Interest Rates: The US 10-year Treasury yield fell to 3.974%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Yo, Charts – ARKK pic.twitter.com/g0OqcBD63M
— da Chart Life (@daChartLife) July 11, 2023
Todayâs Chart of the Day was shared by John Roque (@daChartLife). The ARK Innovation ETF ($ARKK) broke out to 10-month highs today after clearing resistance at $45. John points out the 40-week moving average has begun to slope higher recently as $ARKK transitions from a Stage 1 basing phase into a Stage 2 uptrend. Others have pointed out that $ARKK has formed a bullish inverted head & shoulders pattern over the past year. The next thing bulls want to see is new 52-week highs, which would be achieved by closing above the August highs (around $52). It’s still in a -70% drawdown, and it would need to gain +230% from here to return to its February 2021 peak. However, all signs point to further upside in the near term for this former market darling.
Quote of the Day
“We are in the business of making mistakes. The only difference between the winners and the losers is that the winners make small mistakes, while the losers make big mistakes.”
– Ned Davis
Top Links
Small-Caps Catch a Bid – Bespoke
Bespoke looks at the recent strength in the Russell 2000.
A Major Shake Up is Coming for the Nasdaq 100 – Thrasher Analytics
Andrew Thrasher examines the upcoming “special rebalance” in the Nasdaq 100 index.
Fill The Gap Episode Twenty-Nine, with Craig Johnson, CMT, CFA – CMT Association
In this podcast, Craig Johnson of Piper Sandler joins Tyler Wood and David Lundgren to discuss all things technical analysis.
Mystery Guest Host! | The Morning Show – Stock Market TV
We joined The Morning Show earlier today to discuss some of the hottest charts, trends and themes across the markets.
Unusual Social Activity â Your Next Great Trade
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Top Tweets
Daily Mkt Mood: Risk-On
1. Stocks solidly higher
2. Big tech mainly up
3. Buying accelerated w/ time
3. Commodities higher
4. Bonds mixedImpressive little late day rally for stocks.
Something is going to break 1+ month NASDAQ range up/down in soon.
June CPI up next.
— Abigail Doolittle (@TheChartress) July 11, 2023
The S&P 500 has gained nearly 28% from its October low, the biggest rally since the index peaked back on January 4, 2022. This is the highest level since April 2022 and the S&P 500 is now only 7% below its all-time high. $SPX pic.twitter.com/Ml1rkfMk7w
— Charlie Bilello (@charliebilello) July 11, 2023
Dow Jones Composite Average has been moving away from constructive "convergence of trends" look, indicative of a rally that is trying to broaden out (healthy). pic.twitter.com/kY74mTzUNl
— Chris Ciovacco (@CiovaccoCapital) July 11, 2023
Golden Cross (50D MA crossed above the 200D MA) just formed in the Russell 2000 pic.twitter.com/SNhYPc8ELR
— Barchart (@Barchart) July 11, 2023
$IWM is starting to outperform $QQQ. RSI 14 over 50 & MACD cross pos & break in DTL on relative strength chart all leads me to move more money from the biggies to the smallies. Baby steps for the faint at heart. pic.twitter.com/ET2k3lhaFQ
— Alan Cohen (@al_xdpg) July 11, 2023
Over the last month, $VIX and $SPX have become best friends. pic.twitter.com/2Q94hVY4v9
— Andrew Thrasher, CMT (@AndrewThrasher) July 11, 2023
YTD Energy is at the bottom but it also seems to be bottoming. Tech has led all year. We still have a constructive market here. Rotations should be welcomed. pic.twitter.com/6i5gUXEXic
— Against All Odds (@JasonP138) July 11, 2023
Energy stocks $XLE on breakout watch pic.twitter.com/uIOiAqkIPv
— Justin Spittler (@JSpitTrades) July 11, 2023
Looks like the next stop for crude oil is the 200 day moving average. #Oil #OOTT $USO pic.twitter.com/aZqVt68x4e
— Greg Rieben (@gregrieben) July 11, 2023
Prob getting close to an $ARKK CNBC appearance… pic.twitter.com/B7F6SSVjsi
— Arun S. Chopra CFA CMTđ§ (@FusionptCapital) July 11, 2023
Dear @CathieDWood
Firstly, let me tell you that as a LT investor I have no interest in a company whose CEO oversees an 82% stock price correction – inexcusable
Secondly, as a trader I am intrigued by the ST inverted H&S bottom in $ARKK pic.twitter.com/tLMYKwEFVd— Peter Brandt (@PeterLBrandt) July 11, 2023