Daily Chart Report ? Wednesday, July 7th, 2021
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Today’s Summary
Wednesday, July 7th, 2021
Indices: US Stocks were mixed in today's session, but mostly higher. The Dow rose 104 points or 0.30%. The S&P 500 gained 0.34%, while the Nasdaq was flat (0.01%). The Russell 2000 underperformed again, falling 0.95%.
Sectors: 8 of the 11 sectors closed higher. Materials led, rising 1.04%. Energy lagged for the third straight day, dropping 1.63%.
Commodities: Crude Oil futures moved lower by 1.69% to $72.13 per barrel. Gold futures rose 0.54% to $1,802 per ounce.
Currencies: The US Dollar Index gained 0.18%.
Interest Rates: The 10-year US Treasury yield continued lower to 1.320%.
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 Bailey Baxter (@BBaxter2020). It's a chart of the Energy sector over the past year, on both an absolute (top) and relative (bottom) basis. The Energy sector has been the worst-performing sector for three straight days now, which is notable given how strong it has been this year. The sector is up more than 40% YTD and it has persistently been the best performing sector all year. Bailey points out that $XLE is now below its 50-day moving average, and it has broken its November uptrend relative to the S&P 500. In other words, the Energy sector is breaking down on both an absolute and relative basis. Will the Energy sector resign its leadership in the second half of the year?
Quote of the Day
"The height of the pinnacle is determined by the breadth of the base."
– Ralph Waldo Emerson
Top Links
Stocks Are Going Streaking - LPL Financial Research
The team at LPL Financial Research shares some interesting stats around daily, monthly, and quarterly winning streaks for the S&P 500.
Advance - Decline Lines are Not Advancing - All Star Charts
JC Parets points out that A/D lines are diverging from the major indices.
Sentiment Becomes More Fearful With Stocks at Record Levels - Potomac Fund Management
Dan Russo highlights some key takeaways from the current market environment.
Russell 2,000 (IWM) No Longer in Favor - Bespoke
Bespoke examines the recent weakness in Small-Cap stocks.
Why The Pounding of Value Stocks May Be Nearing an End - SentimenTrader
Jason Goepfert weighs in on the tug-of-war between Growth and Value stocks.
Top Tweets
Am I doing this right? pic.twitter.com/9tC6oNoOMs
— Urban Carmel (@ukarlewitz) July 7, 2021
You’re all caught up now. Thanks for reading!