Daily Chart Report ? Friday, July 26th, 2019

Today’s Summary
Friday, July 26th, 2019

Indices: US stocks were higher in today’s session with the Dow Jones Industrial Average closing up 51 points or 0.19%. Both the S&P 500 and the Nasdaq notched record highs gaining 0.74% and 1.11% respectively. The Russell 2000 was the strongest of the major indices, advancing 1.24%.

Sectors: Communications significantly outperformed the rest of the sectors, gaining 2.95%. Energy lagged for the second day in a row, falling 0.55%.

Commodities: Crude Oil futures rose 0.32% to settle at $56.20 per barrel. Gold futures gained 0.28% to $1,419 per ounce.

Currencies: The US Dollar Index inched higher by 0.20%.

Interest Rates: The US 10-year Treasury yield rose to 2.074%.

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 Andrew Thrasher (@AndrewThrasher). It’s a line chart of Gold with a 14-period RSI indicator in the top pane of the chart. Gold has been breaking out to multi-year highs over the past few weeks. Despite the recent strength, Andrew points out the bearish momentum divergence that’s formed. A bearish momentum divergence occurs when price makes a new high while RSI fails to make a new high. The intermediate trend is still up, however, this bearish momentum divergence suggests that Gold may need to a pullback or reset in the near-term.

Quote of The Day

The Begining of the Melt-Up or the Height of Insanity? – Howard Lindzon
Howard Lindzon weighs-in on the current market. He touches on the fact that the major averages are near all-time highs, and yet sentiment is still skeptical. He also notes signs of insanity with stocks like $BYND surging.

Semi Bearish, Semi Bullish – Real Vision
Craig Johnson of Piper Jaffray made an appearance on Real Vision today to share his thoughts on Semiconductors.

August: Better in Pre-Election Years, But Still Not Great – Almanac Trader 
Seasonality expert, Jeff Hirsch uses historical data to explain how the stock market typically fares in the month of August.

The State of the Stock Market – Large Caps Continue to Lead – StockCharts.com
Arthur Hill of StockCharts.com provides an update on the current state of the US stock market. He addresses the fact that small-caps are underperforming and shares his thoughts on the individual sectors of the S&P 500.

These 5 Technical Indicators are Sending Warning Signals for the Stock Market – Market Watch
This piece from Market Watch features some of the best Technicians in the business and some of the bearish technical developments that they’re watching out for right now.

Top 10 Tweets

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