Daily Chart Report 📈 Monday, July 17, 2023

July 17, 2023

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Today’s Summary
Monday, July 17, 2023

Indices: Russell 2000 +1.04% | Nasdaq +0.95% | S&P 500 +0.39% | Dow +0.22%

Sectors: 5 of the 11 sectors closed higher. Tech led, gaining +1.28%. Utilities lagged, falling -1.15%.

Commodities: Crude Oil futures fell -1.68% to $74.15 per barrel. Gold futures fell -0.41% to $1,956 per oz.

Currencies: The US Dollar Index inched lower by -0.08% to $99.88.

Crypto: Bitcoin fell -0.33% to $30,154. Ethereum fell -0.63% to $1,911.

Interest Rates: The US 10-year Treasury yield fell to 3.811%.

Here are the best charts, articles, and ideas being shared on the web today!

Chart of the Day

pic.twitter.com/VcGpXJYGB9
— Peter Brandt (@PeterLBrandt) July 17, 2023

Today’s Chart of the Day was shared by Peter Brandt (@PeterLBrandt). Peter points out that the Regional Bank ETF ($KRE) is carving out a potential bottom after forming an inverted head & shoulders pattern over the past four months. Price is testing the neckline around $45 as it attempts to break out from this bullish pattern. Ironically, the crash in Regional Banks started as a head & shoulders top earlier this year, and it could end with a head & shoulder bottom.

Quote of the Day

“Bull markets and bear markets last long enough so that the average trader is likely to forget by the time the climax is approaching that any sort of movement is possible.”

– Philip Carret

Trendlines > Headlines

https://youtu.be/GpS0LWYt5oI

The latest episode of Trendlines over Headlines is out!

This week, Scott Brown of Brown Technical Insights joins us to make sense of the current market environment. We discuss the outlook for the S&P 500, ARK ETFs, Interest Rates, the Dollar, and more!

Top Tweets

Best starts to a year for the S&P 500 through 134 trading days... pic.twitter.com/hDT30w2fGY
— Charlie Bilello (@charliebilello) July 17, 2023

The stock market has regained nearly three-fourths of the ground it lost last year. Bear-market rallies don’t retrace much more than half their preceding decline. When they do, they are usually new bull markets. With our current 73% retracement, history seems to be on the side of… pic.twitter.com/EzQuqwrfYo
— Jurrien Timmer (@TimmerFidelity) July 17, 2023

This chart has been widely retweeted, and for good reason. Does this guarantee a bullish market for the rest of the year? Of course not. Does it argue strongly for giving the bullish case the benefit of the doubt? Absolutely IMO! @sentimentrader
h/t: @Barchart pic.twitter.com/XTarZ3Ye89
— Jay Kaeppel (@jaykaeppel) July 17, 2023

$IWM big bullish engulfing on the smalls pic.twitter.com/8f7nR0zpCa
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) July 17, 2023

This weekly coil has potential to explode out the upside. Small caps outperform in July. pic.twitter.com/z2NprOj910
— Linda Raschke (@LindaRaschke) July 17, 2023

Yo, Charts - Whaddya think? pic.twitter.com/JHvbSUfoAD
— da Chart Life (@daChartLife) July 17, 2023

Significant reversal of late in large speculators'/hedge funds' NET short position in S&P 500 futures pic.twitter.com/E2AguvpNGe
— Liz Ann Sonders (@LizAnnSonders) July 17, 2023

$ARKK going for the highest daily close of 2023, up +2.3% today. Perfect breakout to new YTD highs after flipping the 200-day moving average cloud into support.

I see higher highs & higher lows for the past 8 months.

What do you see? pic.twitter.com/Fe2rWdiQvg
— Caleb Franzen (@CalebFranzen) July 17, 2023

Who thinks the Financial Sector $XLF catch up higher? pic.twitter.com/EheX60JvzB
— Alfonso De Pablos, CMT (@AlfCharts) July 17, 2023

Across "the curve" rates were not able to breakout. The consensus view is higher rates. What if that's wrong? pic.twitter.com/zSCJmPkuwu

— Dan Russo, CMT (@DanRusso_CMT) July 17, 2023

are we actually back tho? pic.twitter.com/OWfQXe5MWT
— J.C. Parets (@allstarcharts) July 17, 2023

You’re all caught up now. Thanks for reading!

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