Daily Chart Report ? Tuesday, July 7th, 2020
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Today’s Summary
Tuesday, July 7th, 2020
Indices: US Stocks closed lower in today’s session with the Dow Jones Industrial Average retreating 397 points or 1.51%. The S&P 500 and Nasdaq both snapped 5-day winning streaks, falling 1.08%, and 0.86%, respectively. Small-caps underperformed, with the Russell 2000 dropping 1.86%.
Sectors: 9 of the 11 sectors closed lower. Consumer Staples was the clear leader, gaining 0.91%. Energy lagged, falling 3.18%.
Commodities: Crude Oil futures were flat and continue to trade at $40.62 per barrel. Gold futures moved higher by 0.91% to $1,810.
Currencies: The US Dollar Index rose 0.21%.
Interest Rates: The US 10-year Treasury yield fell to 0.641%.
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 Tom Bruni (@BruniCharting). It’s a daily candlestick chart of Silver Futures over the past year. Gold has stolen the spotlight in recent weeks, but perhaps Silver is the metal we should be watching in the near-term. Tom points out that Silver Futures are currently testing a crucial resistance level around $19 per ounce. Price has tested and failed at this level four times in the past year. Will the fifth time be the charm? In a comment to The Chart Report, Tom explained, “In addition to acting as short-term resistance, $19 has served as support/resistance since 2013, so a move above it would confirm the same type of structural breakout we saw in Gold last summer.” As we know, Silver is perceived as risker and more aggressive than Gold. Gold Bugs want to see Silver join the party by breaking above $19, as this would demonstrate risk appetite for Precious Metals as a whole.
Quote of the Day
“Know how to listen, and you will profit even from those who talk badly.”
– Plutarch
Top Links
Put These Charts on Your Wall…2020 Edition – Compound
Charlie Bilello shares several charts that will make you think twice before saying the market “can’t” do this, or the market “has to” to that.
There is No S&P Index Anymore. It’s Just a Few Names – CNBC
In this clip, Carter Worth of Cornerstone Macro, discusses the massive bifurcation going on in the stock market right now.
Here’s Why QQQ and Large Cap Tech Stock May Rally Another 10% – Kimble Charting Solutions
Chris Kimble explains why he thinks the Nasdaq has 10% of further upside potential before it runs into resistance at a key Fibonacci level.
Up and Down – The Irrelevant Investor
Michael Batnick of Ritholtz Wealth Management weighs-in on the S&P 500’s recent winning streak.
Island Bottom, Momentum and Buffett – StockCharts.com
Michele Schneider takes a look at a potential reversal brewing in Natural Gas.
Top Tweets
$SPX golden crosses - Only 1 in last 40 years immediately turned out badly pic.twitter.com/CjVZeGmOC1
— ukarlewitz (@ukarlewitz) July 6, 2020