Powered By:
Today’s Summary
Thursday, July 13, 2023
Indices: Nasdaq 100 +1.73% | Russell 2000 +0.91% | S&P 500 +0.85% | Dow +0.14%
Sectors: 10 of the 11 sectors closed higher. Communications led, gaining +1.47%. Energy was the only sector that closed lower, falling -0.38%.
Commodities: Crude Oil futures rose +1.50% to $76.89 per barrel. Gold futures inched higher by +0.11% to $1,964 per oz.
Currencies: The US Dollar Index continued lower for the sixth straight day by -0.77% to a 15-month low of $99.78.
Crypto: Bitcoin rose +3.34% to a new 52-week high of $31,397. Ethereum gained +6.70% to $1,997.
Interest Rates: The US 10-year Treasury yield fell for the fourth straight day to 3.769%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
#bitcoin breaks out of the range $BTC $BTCUSD pic.twitter.com/09HFDqHNBu
— Conor White, CMT, CIM (@ConorWhiteRJ) July 13, 2023
Today’s Chart of the Day was shared by Conor White (@ConorWhiteRJ). Bitcoin broke out to fresh 52-week highs today, after consolidating in a sideways range around $30k over the past three weeks. This consolidation resembles a bull flag, which is a type of continuation pattern that marks a healthy pause within an uptrend. Crypto-related equities were even more impressive today, with stocks like $COIN, $RIOT, and $MSTR outperforming Bitcoin. Heading into today’s pop, volatility had contracted to extremely low levels, suggesting a large move was brewing. Volatility will likely continue to expand as Bitcoin resolves higher out of this range. Today’s action opens the door for a rally to $35k in the near term.
Quote of the Day
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.”
– Charles MacKay
Top Links
NASDAQ’s Midyear Rally Ends on Friday – Almanac Trader
Jeff Hirsch points out that Nasdaq’s midyear rally is faring slightly better than usual this year.
Gold Miners ETF Breaking Out of Falling Wedge Pattern – Kimble Charting Solutions
Chris Kimble points out that Gold Miners are shaping up for a move higher.
Choose Your Own Adventure: ETF Performance Trends To Watch – TD Ameritrade Network
In this clip, Todd Sohn of Strategas Research discusses the emerging trends in the ETF market.
Will the 10-year Yield Hit 5.25% by Christmas? – All Star Charts
Ian Culley examines the outlook for yields.
The US Dollar is on the Verge of a Breakdown Against the World’s Other Top Currencies – Business Insider
Katie Stockton looks at the Dollar’s recent weakness.
Top Tweets
$QQQ in the process of clearing all prior weekly resistance levels (377 in August 2021), other than the all-time highs. Needs a weekly close over 378.00 pic.twitter.com/TPdHoYnlmA
— Larry Tentarelli, Blue Chip Daily (@LMT978) July 13, 2023
If the Nasdaq-100 $NDX fell -20% from the current price, it would still be equivalent to where it was on March 20, 2023 and still need to fall another -16.3% to make new bear market lows. pic.twitter.com/bgpNsLavMB
— Caleb Franzen (@CalebFranzen) July 13, 2023
After breaking through the 61.8% retracement level last month, the S&P 500 is at the 76.4% level now, which just so happens to be a psychological threshold of 4500. Let's see what happens at this juncture… https://t.co/cBqLDS7C6e pic.twitter.com/UJbpeV6yrR
— Liz Young (@LizYoungStrat) July 13, 2023
We are now 10% above the 40 Week (200 Day) MA.
While that feels "extended" over the short term, here are the periods where the S&P 500 spent *at least 6 months* below the 40 Week MA, with a subsequent rally to 10% above the 40 Week MA…$SPX $SPY $ES_F pic.twitter.com/U0YOZ0BvbS
— Ian McMillan, CMT (@the_chart_life) July 13, 2023
Technical evidence suggests that October 2022 was a cyclical bottom. Worth noting that cyclical tops: 1) produce record highs; 2) have occurred at least 14 months post-bottom; and 3) commonly feature both NYSE and Nasdaq high-low-logic readings >1.5%. Remind me later? pic.twitter.com/tL6P5BtcrM
— Mark Ungewitter (@mark_ungewitter) July 13, 2023
NAAIM exposure index climbing into the 90s and at highest level since Nov 2021 (when it was in the 100s). pic.twitter.com/HktENHYenq
— Willie Delwiche, CMT, CFA (@WillieDelwiche) July 13, 2023
The S&P 500 has climbed in six out of the last seven summers.
And it's up a cool 7% since Memorial Day.
What's that saying again? Don't short a summer market?
— Callie Cox (@callieabost) July 13, 2023
$ARKK – Zoom out, what if ARK is just getting started? pic.twitter.com/UXsncD65Yy
— Larry Thompson (@HostileCharts) July 13, 2023
imagine spending your days on twitter hating on cathie wood instead of just worrying about yourself? you have to be a special kind of loser to decide that's how you're going to spend your days. Meanwhile, the ARK Fintech Innovation Fund is breaking out to new 52-week highs pic.twitter.com/xrwNDMnSCt
— J.C. Parets (@allstarcharts) July 13, 2023
ARK Next Generation Internet ETF $ARKW threatens to break the upper bounds of a massive reversal pattern. pic.twitter.com/XAnwiagtAQ
— Alfonso Depablos (@AlfCharts) July 13, 2023
One other potential reason to hesitate piling into the long side of the U.S. Dollar… @sentimentrader pic.twitter.com/7yI5qwIC3x
— Jay Kaeppel (@jaykaeppel) July 13, 2023
Silver surging to its highest price since early May pic.twitter.com/yXAyRVdsqw
— Barchart (@Barchart) July 13, 2023
▸ XRP market cap at 10:00 AM: $24 billion
▸ XRP market cap now: $42 billionThat's an increase of $18 billion in a matter of hours. pic.twitter.com/fZW65slFGi
— TradingView (@tradingview) July 13, 2023
Friendly reminder that it's a good market and we're not that smart. So, stay humble. Also, strong markets forgive mistakes such as chasing extended stocks and not sticking to losses. So, stay disciplined too.
— Joseph Fahmy (@jfahmy) July 13, 2023