Daily Chart Report ? Monday, July 12th, 2021
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Today’s Summary
Monday, July 12th, 2021
Indices: US Stocks kicked off the week on a positive note, with the Dow advancing 126 points or 0.36%. The S&P 500 and Nasdaq rose 0.35% and 0.21%, respectively. The Russell 2000 underperformed, inching up just 0.08%.
Sectors: 9 of the 11 sectors closed higher. Financials led, rising 0.98%. Consumer Staples lagged, inching lower by 0.16%.
Commodities: Crude Oil futures fell 0.62% to $74.10 per barrel. Gold futures slipped 0.26% to $1,806 per ounce.
Currencies: The US Dollar Index rose 0.13%.
Interest Rates: The 10-year US Treasury yield ticked higher to 1.366%.
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 Michael Batnick (@michaelbatnick). Today marked a noteworthy milestone for the bulls. As Michael points out, the S&P 500 has officially doubled from the pandemic low on March 23rd, 2020. At that point, the S&P 500 had dropped more than 33% in just 23 trading days, marking one of the sharpest sell-offs in the history of the index. It has taken about 68 weeks for the S&P 500 to double this time around. For comparison’s sake, it took more than 110 weeks for the S&P 500 to double from the 2009 low, and more than 245 weeks for it to double from the 2002 low. To be clear, this is really just a notable milestone, rather than anything predictive. But, for what it’s worth, the S&P 500 stalled out in both 2007 and 2011 shortly after gaining 100% from their respective lows. For a trip down memory lane, check out the Daily Chart Report from the low, 100% ago.
Quote of the Day
“Follow the trend, but do not fall in love with the trend.”
– Jay Kaeppel
Top Links
Sleepy Small Caps - Bespoke
Bespoke points out that the Russell 2000 has begun to stall.
Technical Analysis of Semiconductors - All Star Charts
JC Parets checks in on the Semiconductor stocks.
Treading Lightly - AlphaCharts
Brian at AlphaCharts highlights some noteworthy trends across the markets.
Focus on the US Dollar - StockCharts
Greg Schnell points out that the US Dollar is at a key inflection point.
Market Variants - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss several technical developments that are worth keeping an eye on this week.
Top Tweets
$SPX up 3 wks in a row doesn’t often lead right into >5% pullback (red lines) pic.twitter.com/4dR5rVFtT0
— Urban Carmel (@ukarlewitz) July 11, 2021
You’re all caught up now. Thanks for reading!