Daily Chart Report ? Thursday, July 1st, 2021
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Today’s Summary
Thursday, July 1st, 2021
Indices: US Stocks closed higher in today's session with the Dow advancing 131 points or 0.38%. The S&P 500 closed at a record high for the sixth straight day, rising 0.52%. The Nasdaq inched higher by just 0.13%. The Russell 2000 outperformed, gaining 0.81%.
Sectors: 10 of the 11 sectors closed higher. Energy led, gaining 1.74%. Consumer Staples was the only sector that closed lower, falling 0.30%.
Commodities: Crude Oil futures rose 2.40% to the highest level in nearly three years at $75.23 per barrel. Gold futures moved higher by 0.29% to $1,777 per ounce.
Currencies: The US Dollar Index gained 0.20%.
Interest Rates: The 10-year US Treasury yield slipped to 1.459%.
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 by Matthew Timpane (@mtimpane). It's a daily candlestick chart of the Software ETF, $IGV, since the March 2020 low. The top-weighted stocks in this ETF include giants like $ADBE, $MSFT, $CRM, $ORCL, and $INTU. This ETF broke out last week and is currently retesting the breakout level around $380-$390. Matthew adds that several other Tech-related ETFs are also retesting their recent breakout levels including, the Semiconductor ETF, $SMH, and the Cybersecurity ETF, $CIBR. It's perfectly normal to see price throwback like this after a decisive breakout. But, if price fails to hold above the breakout level, things could turn ugly quickly. So, keep an eye on how these retests play out in the near term.
Quote of the Day
"Cheap things are not good; good things are not cheap."
– Chinese Proverb
Top Links
Record Highs But Lack of Breadth Confirmation - Potomac Fund Management
Dan Russo gives an update on market breadth.
Sentiment Has Perked Up - Bespoke
Bespoke analyzes the results of the latest AAII Sentiment Survey.
The Technician Who Correctly Called the Last Breakout Sees More Gains Ahead for Stocks - CNBC
In this clip, Katie Stockton shares her technical perspective on the S&P 500.
DeFi Made Easy - Osprey
Phil Pearlman gives a brief intro to Decentralized Finance or DiFi, including some helpful resources to learn more about the concept.
2021 European Summit – CMT Association
Tomorrow is the last day of the CMT Association's 2021 European Summit. They’ve got a stellar lineup of esteemed technical analysts, so be sure to register for the event!
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You’re all caught up now. Thanks for reading!