Daily Chart Report ? Tuesday, July 6th, 2021

Today’s Summary
Tuesday, July 6th, 2021

Indices: The major indices closed lower to start the week, with the exception of the Nasdaq. The Dow fell 209 points or 0.60%. The S&P 500 snapped a seven-day winning streak, slipping 0.20%. The Nasdaq inched up 0.17% to a fresh record high. The Russell 2000 notably underperformed, dropping 1.36%.

Sectors: 4 of the 11 sectors closed higher. Real Estate led, rising 0.89%. Energy lagged by a wide margin, dropping 3.24%.

Commodities: Crude Oil futures fell 2.38% to $73.37 per barrel. Gold futures moved higher by 0.61% to $1,794 per ounce.

Currencies: The US Dollar Index rose 0.34%.

Interest Rates: The 10-year US Treasury yield tumbled to 1.350%.

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 Tom Bruni (@BruniCharting). It’s a daily candlestick chart of Amazon ($AMZN) over the past year. A couple of weeks ago, we explained that $AMZN was testing a crucial resistance level around $3,500. As Tom points out, $AMZN blasted through resistance in today’s session and closed at an all-time high for the first time since last September. The stock has been stuck in a well-defined range for the past 10-months. Using the height of that range ($670), Tom projects a measured move price target of $4,220, which is about 15% higher from here. Keep in mind, this is the largest stock in the Consumer Discretionary sector, and the 3rd largest stock in both the S&P 500 and the Nasdaq 100. After nearly a year of sideways price action, one of the largest stocks in the market looks poised for another leg higher.

Quote of the Day

“The way to build long-term returns is through preservation of capital and home runs.”

– Stanley Druckenmiller