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Today’s Summary
Monday, July 18th, 2022
Indices: Russell 2000 -0.34% | Dow -0.69% | S&P 500 -0.84% | Nasdaq 100 -0.89%
Sectors: 3 of the 11 sectors closed higher. Energy led, gaining +2.29%. Health Care lagged, dropping -2.11%.
Commodities: Crude Oil futures rose +1.88% to $99.42 per barrel. Gold futures gained +0.39% to $1,710 per ounce.
Currencies: The US Dollar Index fell -0.51%.
Crypto: Bitcoin rose +4.22% to $21,679. Ethereum jumped +11.02% to $1,485.
Interest Rates: The US 10-year Treasury yield moved higher to 2.989%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Where has it come from?
129 to 150 +21 or 16% in 4 weeksWhere does it have the potential to go before enough supply is found to become resistance?
⚓️VWAP from the March 29 high right hereIs the risk worth reward for new purchase here? NO$AAPL pic.twitter.com/TQHEBH32Km
— Brian Shannon, CMT (@alphatrends) July 18, 2022
Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). It’s a chart of Apple inc. ($AAPL) in both a daily timeframe (left) and 65-minute timeframe (right). The ball is in Apple’s court right now. This is the largest stock in both the S&P 500 and Nasdaq, representing a 7% & 13% weighting respectively. It’s been holding up surprisingly well considering it broke out to all-time highs on a relative basis last week. However, Brian points out that after a 16% rebound in four weeks, the stock is running into resistance at the VWAP from the March high around $150. This level also represents the March lows, so it’s clearly an important one to watch in the near term. It’s going to be much harder for the indices to rebound if we lose Apple.
Quote of the Day
“Millions saw the apple fall,
but Newton was the one who asked why.”
– Bernard Baruch
Top Links
More Small-Cap Weakness Likely as Russell 2000 Enters Historically Weakest Part of the Year – Almanac Trader
Jeff Hirsch takes a look at Small-Cap seasonality.
Financials Rallied on Friday, But is it Enough? – StockCharts.com
David Keller examines the outlook for the Financial sector.
Relationships Matter – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most important technical developments across the markets.
Do You See What Happens? – All Star Charts
JC Parets points out that Stocks and Crypto continue to be inversely correlated to the US Dollar.
Trendlines Over Headlines with Special Guest, Howard Lindzon – The Chart Report
In case you missed it, here’s the latest episode of Trendlines Over Headlines with guest, Howard Lindzon.
Top Tweets
Final heat map of the S&P 500's performance from today pic.twitter.com/4OpXXFx85l
— Stock Market News (@StockMKTNewz) July 18, 2022
So close!$SPX pic.twitter.com/5fzRYZlNGo
— Cam Hui, CFA (@HumbleStudent) July 18, 2022
$SPY bearish engulfing indeed. pic.twitter.com/pEBiI9nUvr
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) July 18, 2022
Should the $SPX “close below 3928 today, it will be the 60th consecutive day below its 50 DMA, the longest streak since November 2008.” Any rallies towards 4,000-4,100 “should be viewed as an opportunity to reduce risk ahead of a breakdown later this summer.” – @jkrinskypga pic.twitter.com/Emk8AWeewp
— Carl Quintanilla (@carlquintanilla) July 18, 2022
"Nothing good happens below the 50-day average" (HT @GaryKaltbaum) pic.twitter.com/rNSeDCs9Xh
— Michael Kahn, CMT (@mnkahn) July 18, 2022
Last time $SPY tested the underside of its 50MA, the %of stocks above their 50ma was 47%, this time the % of stocks above their 50MA is 32% pic.twitter.com/TUuLhFZpc5
— Stacey.A.Lee (@BBaxter2020) July 18, 2022
$VIX futures had been higher all morning even before the Apple news. Not saying anyone knew. pic.twitter.com/fBf02CJjFV
— Jim Carroll (@vixologist) July 18, 2022
Five years of no progress for Value Line Geometric Index. pic.twitter.com/axg68PFFo0
— Willie Delwiche, CMT, CFA (@WillieDelwiche) July 18, 2022
Is this where Growth breaks out relative to Value, or gets dunked again like March? $IWF $IWD pic.twitter.com/z1sS3XJWXS
— Drew Wells, CMT, CIMA® (@DrewTheCharts) July 18, 2022
DXY. We continued lower today after being rejected, for now, from this key level going back to 2001 and 2002. pic.twitter.com/jxATmAfjvt
— Louis Spector (@EastCoastCharts) July 18, 2022
Copper extremely oversold pic.twitter.com/Oi9TDJXe9Y
— Strategas (@StrategasRP) July 18, 2022
$ETH put in some serious work over the weekend
Nice follow-through today alongside broad participation from whole crypto space ? pic.twitter.com/tkSIYApTgS
— Steven Strazza (@sstrazza) July 18, 2022
chill…$ETH $BTC pic.twitter.com/V11FQo7WK3
— J4 (@J4_doji) July 18, 2022
Just my luck, the price of gas finally starts to fall and the price of coffee shoots higher… pic.twitter.com/lBEzxr3EDY
— Jay Kaeppel (@jaykaeppel) July 18, 2022
You’re all caught up now. Thanks for reading!