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Today’s Summary
Thursday, July 21st, 2022
Indices: Nasdaq 100 +1.44% | S&P 500 +0.99% | Dow +0.51% | Russell 2000 +0.48%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining +2.29%. Energy lagged, falling -1.75%.
Commodities: Crude Oil futures dropped -3.53% to $96.35 per barrel. Gold futures rose +0.22% to $1,717 per ounce.
Currencies: The US Dollar Index fell -0.41%.
Crypto: Bitcoin slipped -0.61% to $23,066. Ethereum rose +3.34% to $1,573.
Interest Rates: The US 10-year Treasury yield dropped to 2.878%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
During the 2000 bear market the NASDAQ rallied 40%, 28%, 41%, 50% and 36%. All of them nothing more than bear market rallies with few stock working from breakouts. Many BO traders got cut into ribbons because they couldn't resist the temptation to jump in for fear of missing out. pic.twitter.com/NuOaxTl0VE
— Mark Minervini (@markminervini) July 21, 2022
Today’s Chart of the Day was shared by Mark Minervini (@markminervini). Its a chart of the Nasdaq Composite, throughout the bursting of the dot com bubble. The Nasdaq has bounced about 13% from its lows in recent weeks. However, it’s still in a bear market, down about 25% from its highs. Mark reminds us that bear market rallies can be seductive, but dangerous. As you can see, the Nasdaq had several double-digit rallies in the process of losing nearly 80% of its value overall.
Quote of the Day
“What draws people to be friends is that they see the same truth. They share it.”
– C.S. Lewis
Top Links
Improvements in Breadth Picture – Research by Potomac
Dan Russo breaks down the recent improvements in market breadth.
Third Longest Streak of Negative Bull-Bear Spread on Record – Bespoke
Bespoke summarizes the results of the latest AAII Sentiment Survey.
July Conference Call: 5 Key Takeaways
The team at All Star Charts highlights 5 important themes to watch in the coming weeks.
5 Interesting Industries in Industrials – StockCharts.com
Julius de Kempenaer does a deep dive into the Industrial sector.
Top Tweets
Final heat map of the S&P 500's performance from today pic.twitter.com/P0zML1HRBO
— Stock Market News (@StockMKTNewz) July 21, 2022
A very "2021" kind of day pic.twitter.com/NbwrJ6Texk
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) July 21, 2022
This is the second-largest rally of this bear market. We've had four rallies or more than 6%, plus three minor rallies (3.8% to 4.1%). pic.twitter.com/Xreb2tgQUH
— Eddy Elfenbein (@EddyElfenbein) July 21, 2022
The S&P 500 has officially rallied 10% off the low. So let's play a game….Name That Bear Market
Below shows the progression of Bear Markets post 1970.
Choices are 1973, 1980, 1987, 2000, 2008, 2020, 2022
Reply with your answers below ⤵️ #Bearmarket pic.twitter.com/mKLB0Dez8W
— Michael Reinking (@MReinking) July 21, 2022
Short-term breadth leadership isn't coming from the defensive areas of the market..
That's a good sign that the bulls are coming to play..
Now they need to keep themselves on the dance floor and prove they belong there!$XLB $XLC $XLE $XLF $XLI $XLK $XLP $XLRE $XLU $XLV $XLY pic.twitter.com/RSVon95L8m
— Grant Hawkridge (@granthawkridge) July 21, 2022
$TNX topping process? pic.twitter.com/6bl3bE70om
— Mark Ungewitter (@mark_ungewitter) July 21, 2022
US Dollar Index up today. pic.twitter.com/50iGKUAa09
— Louis Spector (@EastCoastCharts) July 21, 2022
$BTCUSD getting rejected at the first attempt to push through its AVWAP from the Covid lows… pic.twitter.com/hG3n6BmVhd
— Ian McMillan, CMT (@the_chart_life) July 21, 2022
Snap back to reality, ope there goes gravity pic.twitter.com/813RLGbgxs
— Bucco Capital (@buccocapital) July 21, 2022
You’re all caught up now. Thanks for reading!