Daily Chart Report ? Friday, July 10th, 2020
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Today’s Summary
Friday, July 10th, 2020
Indices: US Stocks ended the week on a positive note, with the Dow Jones Industrial Average advancing 369 points or 1.44%. The S&P 500 and Nasdaq rose 1.05% and 0.66%, respectively. Small-Caps outperformed with the Russell 2000 closing up 1.70%.
Sectors: 9 of the 11 sectors closed higher. Financials led nicely, gaining 3.44%. Health Care lagged slipping 0.24%.
Commodities: Crude Oil futures moved higher by 2.52% to $40.62 per barrel. Gold futures inched lower by 0.11% to $1,802 per ounce.
Currencies: The US Dollar Index slipped 0.13%.
Interest Rates: The US 10-year Treasury yield rose to 0.646%.
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 Michael Turvey of TD Ameritrade (@MikeTurvey_TDA). It's a weekly chart of the S&P 500 over the past year. The S&P 500 booked a decent gain of 1.75% this week, marking the second straight weekly gain. Michael points out that the MACD signal line is close to rising above 0, which would be yet another bullish confirmation signal. There are some notable risks brewing under the surface, including frothy sentiment and weakening breadth. Market internals are certainly worth paying attention to, but they come secondary to price, and for now, price is telling us that the trend remains higher. Keep it simple; the trend is your friend until the end when it bends.
Quote of the Day
“Isn't it funny how day by day nothing changes, but when you look back everything is different?”
– C.S. Lewis
Top Links
Overbought Means Up A Lot - StockCharts.com
David Keller takes a look at $ATVI, $AMZN, and $TSLA, and reminds us that overbought RSI readings aren't necessarily bearish.
S&P 500 Sends Bullish Technical Signal With Golden Cross - Bloomberg
Here's another read on the infamous Golden Cross indicator that fired this week.
Where Do We (Investors) Stand? - David Cox
In this video, David Cox highlights some notable technical developments.
Happy Hour w/ Trader Howard Lindzon - All Star Charts
JC Parets and Howard Lindzon discuss some of their favorite stocks and trends in the market right now.
Not Crazy Can Still Be Nuts - The Irrelevant Investor
Michael Batnick contrasts today's Nasdaq boom with the dotcom bubble.
Top Tweets
Instead of breadth, I’d keep two eyes on this. Pretty consistent pattern after getting into the basement. Last 4 days avg of 0.43. Took a little more time in 2011 $cpce $spx pic.twitter.com/9iLAMkfLxF
— ukarlewitz (@ukarlewitz) July 10, 2020