Daily Chart Report ? Wednesday, July 8th, 2020
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Today’s Summary
Wednesday, July 8th, 2020
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 177 points or 0.68%. The S&P 500 and Nasdaq rose 0.78% and 1.44%, respectively. The Russell 2000 moved higher by 0.81%.
Sectors: Technology led, gaining 1.63%. Materials lagged, falling 1.42%.
Commodities: Crude Oil futures rose 0.69% to $40.90 per barrel. Gold futures moved higher by 0.59% to $1,821 – the highest level in over seven years.
Currencies: The US Dollar Index dropped 0.51%.
Interest Rates: The US 10-year Treasury yield moved higher to 0.669%.
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 Renaissance Macro Research (@RenMacLLC). It’s a chart of the Financial sector over the past three years. On an absolute basis, price is currently testing its 50-day moving average after failing to breach the 200-day last month. On a relative basis, the sector is breaking down and nearing record lows vs. the broader market (middle pane). This is a crucial area of the market to focus on right now. Bulls need Financials to get their act together, by improving on both an absolute and relative basis in the near-term.
Quote of the Day
“What we know is a drop. What we don’t know is an ocean.”
– Issac Newton
Top Links
The Stock Market is About to Flash A Widely Followed Technical Buy Signal, Suggesting More Upside Ahead – Business Insider
This article from Business Insider takes a look at the infamous Golden Cross indicator.
China Stock Market Surge — You Ain’t Seen Nothin’ Yet – Bespoke
Bespoke explains that sharp rallies in China’s Shanghai Composite are more common and massive than you might think.
Granny Retail Hangs Tough – StockCharts.com
Michele Schneider breaks down a chart of the Retail ETF, $XRT.
Stock Market Video Analysis July 8, 2020 – AlphaTrends.Net
Brian Shanon lays out some key levels to focus on in the remainder of the week.
Gold is Grinding Higher, But a Continuation of the Trend Isn’t Guaranteed – DeCarley Trading
In this video, Carley Garner outlines her thoughts on the breakout in Gold and how to play it using options.