Daily Chart Report ๐ Friday, July 12, 2024
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Todayโs Summary
Friday, July 12, 2024
Indices: Russell 2000 +1.09% | Dow +0.62% | Nasdaq +0.59% | S&P 500 +0.55%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.31%. Communications lagged, falling -0.32%.
Commodities: Crude Oil futures fell -0.50% to $82.21 per barrel. Gold futures were unchanged at $2,421 per oz.
Currencies: The US Dollar Index dropped -0.40% to $104.08.
Crypto: Bitcoin rose +0.94% to $57,889. Ethereum rose +1.14% to$3,134.
Volatility: The Volatility Index dropped -3.56% to 12.45.
Interest Rates: The US 10-year Treasury yield dropped to a four-month low of 4.187%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
โ Walter Deemer (@WalterDeemer) July 12, 2024
๐ Todayโs Chart of the Day was shared by Walter Deemer (@WalterDeemer).
- Despite yesterdayโs stumble, the S&P 500 ($SPX) printed an all-time high for the second consecutive week, rising +0.86%. Itโs closed higher in 10 of the past 12 weeks, rising +13%.
- Breadth dramatically improved this week. Walter points out that the NYSE Advance-Decline Line broke out to an all-time high for the first time in two months yesterday.
- This breadth indicator often leads the S&P 500 higher or lower. It peaked in May and stalled while the S&P 500 made new highs, forming a negative breadth divergence. However, this weekโs breakout eliminates that bearish divergence.
The Takeaway: Breadth dramatically improved this week. The NYSE AD Line broke out to all-time highs for the first time in two months, eliminating a bearish divergence that had been in place since May.
Quote of the Day
"The trick is not to learn to trust your gut feelings, but rather to discipline yourself to ignore them."
โ Peter Lynch
Top Links
Stock Market & Crypto Analysis July 12 2024 - Alphatrend
Brian Shannon breaks down this week's price action and some key levels to watch next week.
Post-July Fourth Flip Flop - Bespoke
Bespoke points out that the worst stocks have been the best over the past week.
There's a Lot of Opportunity Away From Mega-Cap Growth, Says Strategas' Todd Sohn - CNBC
Todd Sohn discusses the recent improvement in market breadth.
โEfficient Marketsโ lol - All Star Charts
JC Parets shares his thoughts on Thursday's tape and the breakout in the Russell 2000.
XLC ETF Broke Out & Made New 52-Week High - Schwab Network
Frank Cappelleri discusses Small Caps, the US Dollar, and the Communications sector.