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Today’s Summary
Friday, July 28, 2023
Indices: Nasdaq +1.85% | Russell 2000 +1.36% | S&P 500 +0.99% | Dow +0.50%
Sectors: 9 of the 11 sectors closed higher. Communications led for the third straight day, gaining +1.97%. Real Estate lagged, falling -0.29%.
Commodities: Crude Oil futures rose +0.61% to a three-month high of $80.58 per barrel. Gold futures gained +0.65% to $1,998 per oz.
Currencies: The US Dollar Index was unchanged and continues to trade at $101.70.
Crypto: Bitcoin rose +0.30% to $29,308. Ethereum gained +0.82% to $1,876.
Interest Rates: The US 10-year Treasury yield dropped to 3.953%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$QQQ 50-day MA.
Zoom out. pic.twitter.com/ljwlz8DY7G
— Brian G (@alphacharts) July 28, 2023
Today’s Chart of the Day was shared by Brian G. (@alphacharts). Stocks failed to follow through to the downside after yesterday’s reversal. They ripped higher instead, with the S&P 500 and Nasdaq having their best day this month. To quote the legendary Walter Deemer, “When the market doesn’t do something it ‘should’ do, it usually means that the underlying trend is unusually powerful.” It’s easy to get chopped up in the day-to-day price action, but Brian reminds us to Zoom out and focus on the trend. Price is removed from the chart, or rather, smoothed by a 50-day average to emphasize the steady uptrend that has been in place in the Nasdaq 100 ($QQQ) this year. It really is this simple sometimes, although simple ≠ easy.
Quote of the Day
“The fact is that significant market trends develop over a period of months not days.”
–Richard Russell
Top Links
Stock Market Analysis July 28 2023 – AlphaTrends
Brian Shannon breaks down this week’s price action and highlights some key levels to watch next week.
Four Charts Showing Why it’s Not Just a Mega Cap Story – LPL Financial Research
Adam Turnquist points out that market internals have meaningfully improved.
ARKK, XLF, JETS, TNX: Technical Trends For ETFs & Yields – TD Ameritrade Network
Frank Cappelleri offers his perspective on several key areas of the market.
Checking in on Energy Prices – Grindstone Intelligence
Austin Harrison looks at the resurgence in Energy stocks, Crude Oil, and Gasoline.
When In Doubt, Zoom Out – The Compound and Friends
JC Parets joins Josh Brown and Michael Batnick to discuss some of the most important charts and more.
Top Tweets
$SPY Another green week in the books with the S&P 500 now sitting < 5% from all-time highs. 🟩 pic.twitter.com/wdmgaT3LTN
— TrendSpider (@TrendSpider) July 28, 2023
$SPX – Monthly candle looks bullish with 1 more day to go. pic.twitter.com/57XIKnGBOv
— ChartingCycles (@ChartingCycles) July 28, 2023
What happened AFTER the Dow's historic 13-session win streak started in 1987? It advanced another 14% into the end of Q1. Be open to all scenarios, and yes I am aware of what happened in October that year. #StockMarket $SPX $INDU pic.twitter.com/lwvrWitW4w
— Douglas Busch CMT (@chartsmarter) July 28, 2023
Bullish divergence in momentum for the Dow/R2K ratio favoring the recent shift in relative performance for the Dow Industrial Average. $DIA $IWM pic.twitter.com/kGqjW9tR7D
— Andrew Thrasher, CMT (@AndrewThrasher) July 28, 2023
Firs time this year for XLE and crude holding above the 200-day. pic.twitter.com/G4JOlrNluV
— Louis Spector, CMT (@EastCoastCharts) July 27, 2023
For some perspective… pic.twitter.com/kZEIykIiJm
— J.C. Parets (@allstarcharts) July 28, 2023
Best week for EM vs $SPY since January pic.twitter.com/XU91Pjxx4y
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) July 28, 2023
Emerging Markets joining the party.$HEEM $SPXTR pic.twitter.com/2gD1sSm8Jl
— Shane C. Murphy (@murphycharts) July 28, 2023
EM/SPX versus U.S. Dollar Index. 🤔 pic.twitter.com/vvW7IGGPCt
— Mark Ungewitter (@mark_ungewitter) July 28, 2023
Twitter: 'outside day'
Market: pic.twitter.com/55CsIIhXXa
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) July 28, 2023