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Today’s Summary
Tuesday, July 19th, 2022
Indices: Russell 2000 +3.50% | Nasdaq 100 +3.13% | S&P 500 +2.76% | Dow +2.43%
Sectors: All 11 sectors closed higher. Industrials led, gaining +3.57%. Utilities lagged, but still rose +0.64%.
Commodities: Crude Oil futures moved higher by +1.33% to $100.74 per barrel. Gold futures were flat and continue to trade around $1,710 per ounce.
Currencies: The US Dollar Index dropped -0.68%.
Crypto: Bitcoin rose +4.62% to $23,470. Ethereum fell -1.03% to $1,565.
Interest Rates: The US 10-year Treasury yield moved higher to 3.03%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$SPX highest close since June 9
First close > 50dma since 4/20 pic.twitter.com/Vp14TCIQYl— Mike Zaccardi, CFA, CMT (@MikeZaccardi) July 19, 2022
Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). The S&P 500 closed above its 50-day moving average today for the first time since April 20th. This ends the longest streak below the 50-day since 2008. The Dow, Nasdaq, Russell 2000, and Bitcoin also reclaimed their respective 50-day moving averages today. While this is constructive, we’re dealing with downward-sloping 50-day moving averages. Today was a step in the right direction for the bulls, but the rally remains countertrend at this point.
Quote of the Day
“Changes in latitudes
lead to changes in attitudes.”
– Steve Leuthold
Top Links
The Longest and Shortest Bear Markets – A Wealth of Common Sense
Ben Carlson examines the magnitude and duration of past bear markets.
Speculators Head for the Hills – Bespoke
Bespoke takes a look at positioning within S&P 500 futures.
Semiconductors (SMH) Trading at Important Price Resistance Level – See It Market
Chris Kimble points out that Semiconductors are testing a long-term resistance level.
Currencies Tell the Story – All Star Charts
Ian Culley points out that emerging market currencies are suggesting that interest rates will move lower.
Top Tweets
Final heat map of the S&P 500's performance from today pic.twitter.com/vzW1uaUIOt
— Stock Market News (@StockMKTNewz) July 19, 2022
Small caps' best day in a year and a half
brought to you by crypto (red) and biotech (blue) stocks pic.twitter.com/EjwnfY7MD3
— Callie Cox (@callieabost) July 19, 2022
6 of 11 sectors are at or above the 50dma 🙂
but none of the 50dmas are positively sloped 🙁 pic.twitter.com/zbKrTbfizP
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) July 19, 2022
"Full Capitulation" back to Oct'08 levels means just 30% more downside for $SPX. pic.twitter.com/6GwdEfpIx0
— Willie Delwiche, CMT, CFA (@WillieDelwiche) July 19, 2022
A (potentially important) message from commodity seasonality…#sentimentrader pic.twitter.com/qHOEAImP0S
— Jay Kaeppel (@jaykaeppel) July 19, 2022
posted without comment $CL pic.twitter.com/V4O29YtZgj
— Michael Kahn, CMT (@mnkahn) July 19, 2022
Will Gold eventually break down from its respective 2-year consolidation, just as Silver did back in May?$SLV $GLD $SI_F $GC_F pic.twitter.com/cRm9yF9o0V
— Ian McMillan, CMT (@the_chart_life) July 19, 2022
The $DXY Dollar Index's slide is now entering its third day…and accelerating. At 1.9%, it's the biggest three-day drop from the Greenback since March 2020 pic.twitter.com/7PUJjhKvpn
— John Kicklighter (@JohnKicklighter) July 19, 2022
king dollar$UPN $UUP $EEM $DBC pic.twitter.com/HZo8A2DayA
— J4 (@J4_doji) July 19, 2022
Stocks following crypto higher $BTC $QQQ pic.twitter.com/46jKgON8j8
— Steven Strazza (@sstrazza) July 19, 2022
Bitcoin right at its 50-day moving average pic.twitter.com/Inxq6fY3Hc
— Jay Woods (@JayWoods3) July 19, 2022
OK here we go, $BTC finally cracking that overhead resistance at $23k… get thru and natural target is to revisit scene of crime at $30k: pic.twitter.com/knSw8h6nRG
— Oliver Renick (@OJRenick) July 19, 2022
The bear market is over.*
In modern markets, the S&P 500 has never lost ground over the following year when advancing volume was 87% or more of total volume for 2 out of 3 days coming off a 52-week low.
It has a perfect track record. ** pic.twitter.com/1p6moIqrX5
— Jason Goepfert (@jasongoepfert) July 19, 2022
You’re all caught up now. Thanks for reading!