Powered By:
Todayās Summary
Wednesday, July 12, 2023
Indices:Ā Nasdaq 100Ā +1.24%Ā |Ā Russell 2000Ā +1.05%Ā | S&P 500Ā +0.74%Ā | DowĀ +0.25%
Sectors: 9 of the 11 sectors closed higher. Utilities led, gainingĀ +1.46%. Health Care lagged, fallingĀ -0.27%.
Commodities: Crude Oil futures fellĀ +1.23%Ā to $75.75 per barrel. Gold futures roseĀ +1.27%Ā to $1,962 per oz.
Currencies: The US Dollar Index had its worst day in more than six months, droppingĀ -1.07%Ā to a 15-month low ofĀ $100.57.
Crypto: Bitcoin fellĀ -0.83%Ā to $30,367. Ethereum fellĀ -0.39%Ā to trade at $1,871.
Interest Rates: The US 10-year Treasury yield dropped to 3.859%.
Here areĀ the best charts, articles, and ideas being shared on the web today!
Chart of the Day
U.S. Dollar continues to get hammered as it has now fallen to a 15-month low pic.twitter.com/AVeXh5S7Bg
— Barchart (@Barchart) July 12, 2023
Todayās Chart of the Day was shared by Barchart (@Barchart).Ā Today was the worst day for the US Dollar Index ($DXY) since January, as $DXY slidĀ -1.07%Ā to a 15-month low. Stocks struggled last year as the $DXY trended higher, and that inverse relationship remains in place. It’s no surprise that Stocks have trended higher since the Dollar peaked last Fall. This level, around $101-$103, has been a major inflection point for $DXY in recent years, and $DXY has significant downside risk if it’s below $100. Stocks will likely benefit if the Dollar continues to deteriorate in the coming months.
Quote of the Day
“Markets will do the most obvious thing in the least obvious way.”Ā
– Linda Raschke
Top Links
Strong Stocks, Weaker Dollar – Trading Adventures
Andy Moss reviews this week’s price action and some of the technical developments that have taken place so far.
Here We Go Again – Carson Group
Ryan Detrick points out that Wall Street remains skeptical of the rally despite the bullish developments we’ve seen this year.
DXY Slides to 52-Week Low – All Star Charts
Ian Culley looks at the breakdown in the US Dollar Index ($DXY).
10 Sectors with a Sour 2023 Performance – Schaeffer’s Investment Research
Rocky White examines the best and worst industry groups in the first half of the year.
The 50 Best One-Year Returns on the S&P 500 (1980-2022) – Visual Capitalist
Here’s an neat visual showing the best annual gains among S&P 500 stocks.
Top Tweets
Daily Mkt Mood: Risk-On
1. Stocks rally
2. $NDX up >1%
3. Yields plunge
4. DXY about -1%
5. Commodities upCooler CPI caused S&P to break nt range to the upside, megacap tech not yet.
Yields dropping in ānormalā times would be risk-off, healthy to keep in mind.
— Abigail Doolittle (@TheChartress) July 12, 2023
As much as people hate on the "golden cross", the last two trades would've been +42% and a current open profit of 10%.
Simple Trend following with only price pic.twitter.com/4KV2PQCmrf
— Tyler Lovingood (@Tyler_Lovingood) July 12, 2023
The S&P 500 is now 3% higher than where it was when the Fed started hiking rates in March 2022. $SPX pic.twitter.com/pgsCbc7bX8
— Charlie Bilello (@charliebilello) July 12, 2023
RSP testing its August high. pic.twitter.com/bEC9OgAvXR
— Louis Spector, CMT (@EastCoastCharts) July 12, 2023
Yo, Charts ā pic.twitter.com/8ezhuUzsG5
— da Chart Life (@daChartLife) July 12, 2023
a new YTD high for New Highs-New Lows… pic.twitter.com/PJSlJuQbMi
— Ian McMillan, CMT (@the_chart_life) July 12, 2023
The US dollar has depreciated meaningfully this week and is now at its lowest levels since April 2022. With the end of the Fed's hiking cycle seemingly near, Europe behind the US in its inflation fight, it could still have room to fall. pic.twitter.com/c3j0Rx9wyf
— Liz Young (@LizYoungStrat) July 12, 2023
some people have been betting that this negative correlation would change. We have been betting aggressively that the correlation would remain. How about now moving forward? You betting things are about to change? We're not. pic.twitter.com/XOTpi5PslB
— J.C. Parets (@allstarcharts) July 12, 2023
$GOLD
Thanks Mr Buck…
Right on "support" time! pic.twitter.com/qjL5IItMD3— conradseric, CMT, CAIA, CEFA (@conradseric) July 12, 2023
$GDX best session since March.. it needed it. But also up 4 days in a row. pic.twitter.com/TTH9SORt88
— Mike Zaccardi, CFA, CMT š (@MikeZaccardi) July 12, 2023
Gold Miners $GDX with a 3-sigma (5.5%) breakout rally to compliment the 3-sigma freefall in the dollar index $DXY through major support…which we saw coming. pic.twitter.com/VKSecsfVpS
— Tony Greer (@TgMacro) July 12, 2023
While the consensus is lower Treasury prices (higher rates), the 10-Year Note may have just made a 4th higher low. pic.twitter.com/VyRmLjIIMU
— Dan Russo, CMT (@DanRusso_CMT) July 12, 2023
$CVNA had a $6 handle on May 4th — it's knocking on $40 pic.twitter.com/2u9XixmEXN
— Tom Hearden (@followtheh) July 12, 2023