Sponsored By:
Today’s Summary
Thursday, July 23rd, 2020
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average dropping 354 points or 1.31%. The S&P 500 fell 1.23%, while the Nasdaq underperformed, sliding 2.29%. Small-Caps outperformed, with the Russell 2000 closing completely unchanged.
Sectors: Consumer Staples led, rising 0.35%. Tech lagged, falling 2.60%.
Commodities: Crude Oil futures moved lower by 1.98% to $41.07 per barrel. Gold futures rose 1.34% to its highest level in nearly nine years of $1,890 per ounce.
Currencies: The US Dollar Index closed lower for the fifth straight day, slipping 0.18%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.581%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Until Bitcoin breaks decisively above 10,000-10,500 and confirms the start of its new uptrend, the only theme I care about is Ethereum's outperformance.
Been highlighting this base since June and it's finally resolving to the upside.
That's the story for now imo. pic.twitter.com/nQfx47qIsX
— Tom Bruni, CMT (@BruniCharting) July 23, 2020
Today’s Chart of the Day was shared on Twitter by Tom Bruni of All Star Charts (@BruniCharting). Cryptocurrencies have garnered some attention over the past couple of days as Bitcoin drifts higher toward the crucial $10,000 level. As of writing, Bitcoin is trading at $9,600, which means it still needs to rise about 7-8% before a breakout is confirmed. Until then, Tom points out that Ethereum could be the better bet here, as it’s just starting to break out on both an absolute and relative basis. In a note earlier today titled; “Buying Ethereum’s Dual Breakout,” Tom explained, “Ethereum/Bitcoin is breaking out of a 1-year base and reclaiming a 2.5-year support level at 0.0245. Is the next stop over 50% higher at 0.04? We think so. On an absolute basis, Ethereum is also emerging from a 1-year base. If prices are above $225, then this breakout is intact, and the next stop is former support/resistance near $400.” Click here to read the full note.
Quote of the Day
“Every search begins with beginner’s luck. And every search ends with the victor’s being severely tested.”
– Paulo Coelho (Writer)
Top Links
Stocks Ride the Buy-Cycle – Dana Lyons
Dana Lyons takes a look at the Presidential Cycle and what it suggests for Q3 2020.
Dollar Weakness May Continue – LPL Financial Research
The team at LPL Financial Research examines the US Dollar and the potential implications of further weakness.
King Dollar About to Crash? Long-Term Support Test in Play!!! – Kimble Charting Solutions
Chris Kimble breaks down a chart of the US Dollar.
StockBites Podcast wth Guest, Steve Strazza – StockBites
In this podcast, Steve Strazza of All Star Charts shares his thoughts on some of the most popular stocks among Robinhood traders.
Here’s a Materials Stock With Potential – StockCharts.com
With the Materials sector breaking out, Julius de Kempenaer offers up one particular Materials stock that’s poised to move higher – Albemarle, $ALB.
Top Tweets
The 20-MA held today in $QQQ. I'll be watching tomorrow if buyers can continue to defend this level that's been solid support for the last couple of months. pic.twitter.com/daKYtO4ZgZ
— Andrew Thrasher, CMT (@AndrewThrasher) July 23, 2020
Hard to declare Game Over for mega-cap growth leadership unless and until the Nasdaq 100 fails to bounce of this line. pic.twitter.com/JiSWlKq90F
— Michael Santoli (@michaelsantoli) July 23, 2020
Do spikes in silver vs. gold suggest late-cycle speculation? Early cycle thrust? Or something else? #QualitySpread pic.twitter.com/PTcOYRcjIX
— Mark Ungewitter (@mark_ungewitter) July 23, 2020
A decisive breadth confirmation: pic.twitter.com/4Qs6NCfozY
— Walter Deemer (@WalterDeemer) July 23, 2020
Real estate’s long-term struggle persists … relative to broader S&P 500, it’s sitting right near lowest since 2009 @Bloomberg
[Past performance is no guarantee of future results] pic.twitter.com/1ZQRuEvWka— Liz Ann Sonders (@LizAnnSonders) July 23, 2020
Copper Futures – Multiple Resistance Zone$HG_F pic.twitter.com/VL3NSbelKV
— Bhagyashree Urdhwareshe, CMT (@sunsofttech) July 23, 2020
'Digital #gold' playing catch up… #bitcoin pic.twitter.com/b288mM63l8
— jeroen blokland (@jsblokland) July 23, 2020
#Bitcoin #Crypto pic.twitter.com/rQGgZuLlTU
— Nautilus Research (@NautilusCap) July 23, 2020
Random patterns in $TSLA pic.twitter.com/4D8CiBCYpa
— The Chartist (@thechartist) July 23, 2020
$XAL Airlines just won't die pic.twitter.com/JKxsFwnnWP
— ATMcharts (@ATMcharts) July 23, 2020