Daily Chart Report π Wednesday, July 24, 2024
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Todayβs Summary
Wednesday, July 24, 2024
Indices: Dow -1.25% | Russell 2000 -2.13% | S&P 500 -2.32% | Nasdaq -3.65%
Sectors: 3 of the 11 sectors closed higher. Utilities led, gaining +1.12%. Technology lagged, dropping -4.14%.
Commodities: Crude Oil futures rose +0.82% to $77.59 per barrel. Gold futures rose +0.35% to $2,416 per oz.
Currencies: The US Dollar Index fell β0.13% to $104.33.
Crypto: Bitcoin fell -0.86% to $65,376. Ethereum dropped -4.25% to $3,335.
Volatility: The Volatility Index surged +22.57% to a three-month high of 18.03.
Interest Rates: The US 10-year Treasury yield rose to 4.288%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Optuma (@Optuma).
- The S&P 500 had its worst day since December 2022 today, dropping -2.32%. Today was the first -2% decline in 356 days, ending the longest streak without a -2% decline since 2007.
- The weakness was primarily attributed to the Magnificent 7. For the longest time, this handful of Mega Cap stocks covered up broad weakness beneath the surface of the S&P 500.
- Weβre starting to see the opposite, where the Magnificent 7 is masking some of the broadening strength beneath the surface. Optuma points out that 156 stocks in the S&P 500 closed higher today. Over the past decade, the index has never had more advancers on a -2% day.
The Takeaway: The S&P 500 had its worst day since December 2022 today, dropping -2.32%. Despite todayβs jarring decline, nearly a third of the index closed higher. It wasnβt enough to offset the weakness from the Mag 7, but this is still a healthy way to correct.
Quote of the Day
βMany receive advice,
only the wise profit from it.β
β Harper Lee
Top Links
The 2024 Stealth Bull Market β MOTR Capital Management
David Lundgren looks at breadth and the Magnificent 7.
Oops! The Dollar Did It Again β All Star Charts
Ian Culley looks at the latest failed breakdown in the US Dollar Index ($DXY).
Is the Japanese Yen Nearing an Historic Bottom? β Kimble Charting Solutions
Chris Kimble highlights a potential multi-year bottom in the Japanese Yen.
Bull Markets Are For Making Money β Breakout Multiplier
Check out the replay of todayβs live event, where JC Parets and Steve Strazza shared their three-step process for increasing their profit potential on trades.
Players Have Changed But Election Year Path Endures β Almanac Trader
Jeff Hirsch examines the average election year for the S&P 500.