Daily Chart Report ? Friday, July 9th, 2021
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Today’s Summary
Friday, July 9th, 2021
Indices: US Stocks ended the week on a positive note with the Dow, S&P, and Nasdaq all closing at record highs. The Dow advanced 448 points or 1.30%. The S&P 500 and Nasdaq rose 1.13% and 0.98%, respectively. The Russell 2000 outperformed, gaining 2.17%.
Sectors: All 11 sectors closed higher. Financials led, rising 2.89%. Utilities lagged but still inched higher by 0.12%.
Commodities: Crude Oil futures moved higher by 2.22% to $74.56 per barrel. Gold futures rose 0.47% to $1,809 per ounce.
Currencies: The US Dollar Index slipped 0.27%.
Interest Rates: The 10-year US Treasury yield bounced higher to 1.363%.
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 Ian McMillan (@the_chart_life). Over the past three sessions, the S&P 500 has formed a bullish candlestick pattern known as the "Abandoned Baby" pattern. As silly as it sounds, there is actually a lot of market psychology behind it. This is a three candlestick pattern in which the second candle gaps down and forms a Doji, followed by a gap higher and a strong green candle. The pattern signals that buyers have regained control after a moment of indecision (yesterday). It's important to note that this is more of a short-term signal, and it doesn't tell us where prices are headed over the long run. But, it certainly bodes well for next week! As Ian points out, someone should probably call Child Protective Services, because it looks like someone abandoned their baby yesterday on the daily candlestick chart of the S&P 500.
Quote of the Day
“It's a bull market, you know.”
– Mr. Partridge
Top Links
Markets Resilient As We Enter the Second Half of 2021 - LPL Financial Research
The team at LPL Financial Research breaks down this week's performance across the markets.
U.S. Dollar at the Price/Seasonality Crossroads - SentimenTrader
Jay Kaeppel points out that the US Dollar is entering into a bearish seasonal window.
Stock Market Video Analysis for Week Ending 7/9/21 - AlphaTrends
Brian Shannon analyzes this week's price action in Stocks and Crypto.
Fill the Gap Podcast, with Special Guest Andreas Clenow - CMT Association
In this podcast, respected trader, Andreas Clenow discusses his systematic approach to portfolio management.
The Largest S&P 500 Stocks Reporting Over Next Two Weeks - Bespoke
With earnings season around the corner, Bespoke takes a look at the largest stocks in the S&P 500 reporting earnings over the next couple of weeks.
Top Tweets
You’re all caught up now. Thanks for reading!