Daily Chart Report π Thursday, July 25, 2024
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Todayβs Summary
Thursday, July 25, 2024
Indices: Russell 2000 +1.26% | Dow +0.20% | S&P 500 -0.51% | Nasdaq -1.06%
Sectors: 4 of the 11 sectors closed higher. Energy led, gaining +1.73%. Communications lagged, falling -1.15%.
Commodities: Crude Oil futures rose +0.89% to $78.28 per barrel. Gold futures dropped -2.57% to $2,354 per oz.
Currencies: The US Dollar Index inched higher by +0.07% to $104.40.
Crypto: Bitcoin is up +0.50% to $65,704. Ethereum is down -4.97% to $3,170.
Volatility: The Volatility Index rose +2.44% to a three-month high of 18.47.
Interest Rates: The US 10-year Treasury yield dropped to 4.245%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Jamie Saettele (@JamieSaettele).
- The S&P 500 ($SPX) closed lower for the third straight day after fumbling an attempted rebound. It was up nearly +1.2% this afternoon but went negative in the final 30 minutes, closing lower by -0.51%.
- $SPX was rejected as it attempted to reclaim a rising trendline that broke yesterday. This trendline dates back to the October 2023 low. It coincides with the June highs, just south of 5,500.
- Jamie points out that this rejection doesnβt bode well for the bulls in the near term. The index is still trending higher over most time frames, but the rally off the October lows has cracked after gaining as much as +38% in nine months.
The Takeaway: The S&P 500 tried to rebound today but gave it all back and then some. It was rejected after testing the underside of a broken trendline. The rally off the October 2023 lows has officially cracked, and further downside is likely in the near term.
Quote of the Day
βThe best plan is to profit by the folly of others.β
β Pliny the Elder
Top Links
Assessing the Technical Damage - LPL Financial Research
Adam Turnquist examines the outlook for the S&P 500 after the recent pullback.
Putting the Pieces Together - Trading Adventures
Andrew Moss highlights the key takeaways from this week's price action.
Big Decline But No Bad Breadth? - Bespoke
Bespoke looks at the usual price action in the S&P 500 on Wednesday.
Top 5 Reasons to Invest in ETFs: Stocks in Translation - Yahoo Finance
Todd Sohn discusses the trends and themes in the ETF market.
This Group of Stocks is Next - All Star Charts
JC Parets points out that Transportation stocks are finally shaping up