Daily Chart Report ? Thursday, July 23rd, 2020
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Today’s Summary
Thursday, July 23rd, 2020
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average dropping 354 points or 1.31%. The S&P 500 fell 1.23%, while the Nasdaq underperformed, sliding 2.29%. Small-Caps outperformed, with the Russell 2000 closing completely unchanged.
Sectors: Consumer Staples led, rising 0.35%. Tech lagged, falling 2.60%.
Commodities: Crude Oil futures moved lower by 1.98% to $41.07 per barrel. Gold futures rose 1.34% to its highest level in nearly nine years of $1,890 per ounce.
Currencies: The US Dollar Index closed lower for the fifth straight day, slipping 0.18%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.581%.
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 of All Star Charts (@BruniCharting). Cryptocurrencies have garnered some attention over the past couple of days as Bitcoin drifts higher toward the crucial $10,000 level. As of writing, Bitcoin is trading at $9,600, which means it still needs to rise about 7-8% before a breakout is confirmed. Until then, Tom points out that Ethereum could be the better bet here, as it’s just starting to break out on both an absolute and relative basis. In a note earlier today titled; “Buying Ethereum’s Dual Breakout,” Tom explained, “Ethereum/Bitcoin is breaking out of a 1-year base and reclaiming a 2.5-year support level at 0.0245. Is the next stop over 50% higher at 0.04? We think so. On an absolute basis, Ethereum is also emerging from a 1-year base. If prices are above $225, then this breakout is intact, and the next stop is former support/resistance near $400.” Click here to read the full note.
Quote of the Day
“Every search begins with beginner’s luck. And every search ends with the victor’s being severely tested.”
– Paulo Coelho (Writer)
Top Links
Stocks Ride the Buy-Cycle – Dana Lyons
Dana Lyons takes a look at the Presidential Cycle and what it suggests for Q3 2020.
Dollar Weakness May Continue – LPL Financial Research
The team at LPL Financial Research examines the US Dollar and the potential implications of further weakness.
King Dollar About to Crash? Long-Term Support Test in Play!!! – Kimble Charting Solutions
Chris Kimble breaks down a chart of the US Dollar.
StockBites Podcast wth Guest, Steve Strazza – StockBites
In this podcast, Steve Strazza of All Star Charts shares his thoughts on some of the most popular stocks among Robinhood traders.
Here’s a Materials Stock With Potential – StockCharts.com
With the Materials sector breaking out, Julius de Kempenaer offers up one particular Materials stock that’s poised to move higher – Albemarle, $ALB.
Top Tweets
You’re all caught up now. Thanks for reading!