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Daily Chart Report πŸ“ˆ Monday, July 22, 2024

July 22, 2024

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Today’s Summary
Monday, July 22, 2024

Indices: Russell 2000 +1.66% | Nasdaq +1.54% | S&P 500 +1.08% | Dow +0.32%

Sectors: 10 of the 11 sectors closed higher. Technology led, gaining +2.37%. Energy was the only sector that closed lower, falling -0.63%.

Commodities: Crude Oil futures fell -0.31% to $78.40 per barrel. Gold futures fell -0.18% to $2,395 per oz.

Currencies: The US Dollar Index inched lower by –0.07% to $104.30.

Crypto: Bitcoin fell -0.87% to $67,562. Ethereum dropped -2.66% to $3,442.

Volatility:
The Volatility Index dropped -9.75% to 14.90.

Interest Rates: The US 10-year Treasury yield rose to 4.254%.

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

Chart of the Day

πŸ† Today’s Chart of the Day was shared by Larry Thompson (@HostileCharts).

  • The S&P 500 ($SPY) snapped a three-day losing streak today, bouncing +1.08%. It’s only Monday, but $SPY has already repaired last week’s technical damage.
  • $SPY closed slightly below support at $550 on Friday but reclaimed it today. A round number like $550 is an important psychological hurdle for the market. This level also coincides with the June highs and the 20-day moving average (yellow).
  • Larry adds that breadth and momentum look healthy. Three-quarters of its members are above their 20-day moving averages, while RSI is curling higher and holding above 50.

The Takeaway: After its worst week since April, the S&P 500 ($SPY) started this week on a solid note by reclaiming $550 on Monday.

Quote of the Day

β€œThe one thing that never seems to change is human nature. Science changes, art changes, cities change, governments change, but human nature remains relatively constant.”

– Richard Russell

Top Links

Let’s Simplify This Small Cap Move… – Jotting On Charts
Grant Hawkridge breaks down the recent rebound in Small Caps.

We Buy Stocks in Bull Markets – All Star Charts
JC Parets looks at the breadth expansion in the market.

Energetic About Energy – Hostile Charts
Larry Thompson examines the outlook for the Energy sector.

Todd Sohn at the NYSE – Strategas Asset Management
Todd Sohn shares his thoughts on the ETF market and more.

A Study in Smallcaps – MurphyCharts
Shane Murphy highlights the recent outperformance from Small Caps.

Top Tweets

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