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Today’s Summary
Wednesday, July 26, 2023
Indices: Russell 2000 +0.72% | Dow +0.23% | S&P 500 -0.02% | Nasdaq 100 -0.40%
Sectors: 6 of the 11 sectors closed higher. Communications led, gaining +1.56%. Technology lagged, falling -1.34%.
Commodities: Crude Oil futures fell -1.07% to $78.78 per barrel. Gold futures rose +0.33% to $1,970 per oz.
Currencies: The US Dollar Index fell -0.26% to $101.04.
Crypto: Bitcoin rose +0.75% to $29,444. Ethereum gained +0.91% to $1,875.
Interest Rates: The US 10-year Treasury yield fell to 3.871%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
I mean, it would have been way too cliché for the Dow to end its run of higher closes on the 13th day… 🎃 pic.twitter.com/7NYYGyWBBl
— Grayson Roze (@GraysonRoze) July 26, 2023
Today’s Chart of the Day was shared by Grayson Roze (@GraysonRoze). The Dow closed higher for the 13th straight day today, which ties with 1987 as the longest winning streak in the past century. While this is rare and historic, it’s more of a fun fact than an actionable signal. The Dow gained +5.3% during this stretch. While that’s nothing to scoff at, it’s not very momentous for a 13-day thrust. We could tell you the forward returns from the last time 13-day winning streak in 1987, but we’re talking about a sample size of one. That being said, the bulls deserve to celebrate, as the Dow is just 3.5% from record closing highs.
Quote of the Day
“The trend has been established before the news is published.”
– Jamie Saettele
Top Links
1st 8 or 9 Days of August Weaker Pre-Election Years – Almanac Trader
Jeff Hirsch examines how stocks have historically behaved in the first few days of August.
Emerging Markets (EEM) Attempts to Break Out – Bespoke
Bespoke examines the recent strength in Emerging Markets.
Surging Trucks are Driving the Industrial Sector Higher – StockCharts.com
Julius de Kempenaer looks for pockets of strength within the Industrial sector.
What a 12-Day Winning Streak Means for the Dow, Historically – Schaeffer’s Investment Research
Rocky White looks at the 12-day winning streak in the Dow (now 13-days).
Top Tweets
Daily Mkt Mood: Mixed/Risk-Off
1. Stocks close mixed
2. Dow up 13th day, ties '87 record
3. Bonds up
4. Commodities slide
5. S&P tech slides -1.4%Whipsawed day as Fed said little that was new, it will be interesting to see if/what narrative emerges.
Back to #tech earnings.
— Abigail Doolittle (@TheChartress) July 26, 2023
13 straight days of green. pic.twitter.com/rQRcubeYXk
— TradingView (@tradingview) July 26, 2023
The Dow closed higher for the 13th day in a row, tying January 1987 for the 2nd longest winning streak in history. $DJIA pic.twitter.com/z3DvJ6249n
— Charlie Bilello (@charliebilello) July 26, 2023
A low VIX reading isn’t necessarily something to fear. It’s a typical characteristic of bull markets. pic.twitter.com/JFK0nwJlo4
— Todd Sohn (@Todd_Sohn) July 26, 2023
#spx $spx — SPX may post a 5th consecutive monthly gain — keep an eye out.https://t.co/aZM0nJeDnC pic.twitter.com/8QkrZ6F0l9
— Nautilus Research (@NautilusCap) July 26, 2023
Dow Transport have steadily moved up are now near the closing All Time Highs. Definitely a positive pic.twitter.com/l1he2Ot4vf
— AboveTheCloud (@rahulchahal) July 26, 2023
Big base breakout in the VanEck Steel ETF $SLX which hits its highest level since 2011. Must hold 69. pic.twitter.com/DoeqXabpA2
— Alfonso Depablos (@AlfCharts) July 26, 2023
This is the most important Matt 7:6 price chart I think I have ever shared via a Xeet. My recommendation is for all investors to have exposure to #Gold $GC_F $GLD $XAU pic.twitter.com/y29J7vGE0O
— Peter Brandt (@PeterLBrandt) July 26, 2023
$GLD if gold keeps working up get ready to see this chart all over. Again. pic.twitter.com/d8Be5jTMpf
— Gregory Krupinski (@G_krupins) July 26, 2023
Gold has held in just fine. It's just all that opportunity cost that you've set on fire for owning a bunch of rocks instead of stocks. Does this trend look like it's all of a sudden going to change to you? pic.twitter.com/b8OzLJZSNi
— J.C. Parets (@allstarcharts) July 25, 2023
Forever Stamps have outperformed the US bond market since inception pic.twitter.com/f2OL3wH8hy
— Mike L (@AdvisorMikeL) July 26, 2023