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Todayās Summary
Tuesday, July 25, 2023
Indices:Ā Nasdaq 100Ā +0.73%Ā | S&P 500Ā +0.28%Ā |Ā DowĀ +0.08%Ā |Ā Russell 2000Ā +0.02%
Sectors: 5 of the 11 sectors closed higher. Materials led, gainingĀ +1.80%. Real Estate lagged, fallingĀ -0.74%.
Commodities: Crude Oil futures roseĀ +1.13%Ā to a fresh three-month high of $79.63 per barrel. Gold futures ticked higher by justĀ +0.08%Ā to $1,964 per oz.
Currencies: The US Dollar Index snapped a five-day winning streak, inching lower by justĀ -0.08%Ā to $101.30.
Crypto: Bitcoin inched higher byĀ +0.16%Ā to $29,224. Ethereum roseĀ +0.43%Ā to $1,858.
Interest Rates: The US 10-year Treasury yield inched higher to 3.888%.
Here areĀ the best charts, articles, and ideas shared on the web today!
Chart of the Day
I'm no CMT, but this looks as good of place as any for Energy to reestablish itself. Back to pre-COVID levels and 1999/2000 lows relative to the S&P 500. pic.twitter.com/Ky6JHJLf74
— Rob Anderson (@_rob_anderson) July 25, 2023
Today’s Chart of the Day was shared by Rob Anderson (@_rob_anderson).Ā The Energy Sector ($XLE) closed at three-month highs today and flipped into positive territory YTD. It’s been lagging all year, despite leading by a wide margin in 2022.Ā Rob points out it would make sense to see Energy outperform in the coming months as the sector tests a key level relative to the S&P 500.Ā Energy outperformed for nearly a decade off of this level in the early 2000s. The ratio broke down during the pandemic when the global economy shut down and Crude Oil freakishly went negative. However, the pandemic could be one giant failed breakdown for this ratio. You know what they say about failed breakdowns…Ā “from failed moves come fast moves in the opposite direction!”
Quote of the Day
“We are choked with news
and starved of history.”Ā
ā Will Durant
Top Links
August Can Be Challenging in Pre-Election Years – Almanac Trader
Jeff Hirsch examines how stocks have historically performed in August.
Which Sector Will Lead in the Second Half? – Grindstone Intelligence
Austin Harrison looks at Energy vs. Technology to see which sector is the better bet in the second half of 2023.
Ol’ King Dollar Bounces Back – All Star Charts
Ian Culley points out that the US Dollar Index ($DXY) is retesting its recent breakdown.
S&P 500 Gets Back In Gear With The Median Stock – Hi Mount Research
Willie Delwiche looks at how the S&P 500 has performed compared to its Median stock.
Charts, Charts, and more Charts! – The Morning Show
We joinedĀ The Morning ShowĀ earlier today to discuss some of the key charts and themes across the markets.
Top Tweets
The Dow closed higher for the 12th day in a row, which is tied for the 3rd longest winning streak in history. $DJIA pic.twitter.com/srkAzMpkiH
— Charlie Bilello (@charliebilello) July 25, 2023
The Dow did it again, now up 12 days in a row. One more up day will tie the longest win streak ever.
Since WWII, only 3 other time has it been up this many days in a row.
3 and 6-months later stocks were higher every single time, with some nice gains. pic.twitter.com/JzYZtWpZeG
— Ryan Detrick, CMT (@RyanDetrick) July 25, 2023
Despite being up for 12 days in a row, the Dow hasn't mustered much of a push relative to the S&P 500$DIA $SPY pic.twitter.com/mgtf1bgi3l
— David Rath, CMT, CFA (@DJwrath) July 25, 2023
Digging deeper into the ETF barrel to measure equity market participation. Narrowness remains unfounded no matter the measure. pic.twitter.com/uvlicbTMzP
— Todd Sohn (@Todd_Sohn) July 25, 2023
Yo, Charts pic.twitter.com/pDFhQH8Y3a
— da Chart Life (@daChartLife) July 25, 2023
Oil just popped over its 200-day moving average for the first time since last year pic.twitter.com/wQm4OhWqk2
— Cheddar Flow (@CheddarFlow) July 25, 2023
Donāt mess up this 5-month winning streak @federalreserve.
(Although, I think this is the most important chart in the world right now and it should scare the @federalreserve at least a little bitā¦) pic.twitter.com/Zt8pDCTg2Z
— Steve Deppe, CMT (@SJD10304) July 25, 2023
$DBC commodities another fresh high since January
Buying momentum (RSI 14) strongest since the blowoff top in June last year.
Fed decision < 24hrshttps://t.co/Zg4R6ucD0G @SeekingAlpha @Pdunuwila pic.twitter.com/k8W5ICm9Ul
— Mike Zaccardi, CFA, CMT š (@MikeZaccardi) July 25, 2023
101 Intermarket Analysis…
Bonds roll over in 2020… stocks in 2021… and commodities in 2022…
Then stocks & bonds found their bottoms in late 2022…
Is this now the bottom for commodities… $AGG $SPY $DBC#stocks #bonds #commodities pic.twitter.com/kuSRpsHazD
— Grant Hawkridge (@granthawkridge) July 25, 2023
Steel…hot…$SLX pic.twitter.com/ZrHbhJcb5Z
— Ian McMillan, CMT (@the_chart_life) July 25, 2023
Hereās how the mega cap earnings names are doing in after hours
Microsoft $MSFT -3.8%
Google $GOOGL +6.5% pic.twitter.com/dyN3qyHVTR— Evan (@StockMKTNewz) July 25, 2023