Daily Chart Report ? Wednesday, July 24th, 2019

Today’s Summary
Wednesday, July 24th, 2019

Indices: US stocks were a mixed bag in today’s session. The Dow Jones Industrial Average fell 79 points or 0.29% while the S&P 500 and Nasdaq rose 0.47% and 0.85% respectively. The Russell 2000 was particularly strong today, gaining 1.64%.

Sectors: Financials led, gaining 1.03%. Consumer Staples lagged, falling 0.67%.

Commodities: Crude Oil futures fell 1.59% to $55.88 per barrel. Gold futures inched higher by 0.16% to $1,423 per ounce.

Currencies: The US Dollar Index was unchanged.

Interest Rates: The US 10-year Treasury yield slipped lower to 2.05%.

Here are the best charts, articles, and ideas being shared on the web today!

Chart of the Day

Today’s Chart of the Day was shared on Twitter by Dana Lyons (@JLyonsFundMgmt). It’s a weekly candlestick chart of the iShares Silver ETF, $SLV, breaking out of a long-term downtrend. After taking a beating over much of the past decade, Precious Metals are finally catching a bid. Both Silver and Gold have surged over 11% in the past three months to new multi-year highs. We’ve been seeing Silver begin to outperform Gold over the past few weeks. Precious Metals bulls want to see continued outperformance from Silver, as it would be a sign of risk-appetite in the Precious Metals market. For more on what some of the top-technicians are saying about Silver right now, check out our report “The Silver Lining”.

Quote of The Day

Chips Ahoy! – The Chart Report
Semiconductor stocks have been in focus the past couple of days as they print new all-time highs. In this piece, we drill down into the Semiconductor industry group and examine what the recent strength could mean for the broader market.

Choosing the Best Option for Your Financials – The Chart Report
In this week’s Chart of the Week column, we compare two different ETFs that represent the Financial sector, $IYF and $XLF. While the two are similar, we explain that $IYF is outperforming the more popular $XLF due to some major differences.

JP Morgan Creating A Very Bullish Pattern? – Kimble Charting Solutions
Chris Kimble highlights the bullish inverse head & shoulders pattern that’s forming on the chart of JP Morgan Chase & Co ($JPM).

Checking on the Calendar – LPL Financial Research
Here’s a brief note from LPL Financial Research that contains some insights on stock market seasonality and the Presidential Cycle.

Amazon Looks Ready for a 40% Rally Says Market Watcher – CNBC 
Craig Johnson of Piper Jaffray breaks down the chart of Amazon ($AMZN) and why he’s bullish. He thinks the stock can run to $2,700 from here.

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Upcoming Events

Wednesday, July 24th – Webcast: “Coding in Python – The Traders New Edge”  with Chris Cain, CMT