Daily Chart Report ? Tuesday, July 13th, 2021
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Today’s Summary
Tuesday, July 13th, 2021
Indices: US Stocks closed lower in today's session, with the Dow giving up 107 points or 0.31%. The S&P 500 and Nasdaq fell 0.35% and 0.38%, respectively. The Russell 2000 underperformed, dropping 1.88%.
Sectors: Technology was the only sector that closed higher, rising 0.41%. Real Estate lagged, falling 1.30%.
Commodities: Crude Oil futures moved higher by 1.55% to $75.25 per barrel. Gold futures rose 0.22% to $1,810 per ounce.
Currencies: The US Dollar Index gained 0.60%.
Interest Rates: The 10-year US Treasury yield rose to 1.420%.
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 @DrStoxx. It's a chart of the Small-Cap Russell 2000 ETF, $IWM, over the past 9 months. The Russell 2000 has been lagging recently. It peaked in March and has been rangebound ever since. The index is still up a respectable 13.77% YTD, but it has resigned its stellar leadership from earlier in the year. At its peak in March, the Russell 2000 was outperforming the S&P 500 by more than 3x, but it's now underperforming the S&P, Dow, and Nasdaq YTD. @DrStoxx suggests that the Russell is a more accurate picture of the broader market environment because the market has been fairly narrow lately, with the majority of gains being attributed to a handful of Mega-Cap stocks. Heavyweights like, $AAPL, $MSFT, $AMZN, $NVDA, and $GOOG (all of which are not in the Russell) have been doing the heavy lifting for the other major indices in recent weeks, while the rest of the market has taken a breather. Generally, bulls want to see the Russell 2000 leading as a sign of breadth and risk appetite. But, one could chalk this up to a healthy consolidation phase given how strong the trend was prior to this rangebound action.
Quote of the Day
"Everyone wants to be a Market Wizard until it's time to do Market Wizard stuff."
– Mark Minervini
Top Links
The Stock Market is Outperforming Most Stocks - Irrelevant Investor
Michael Batnick weighs in on the lack of breadth in the S&P 500.
Banks Kick Off Earnings Season with Cyclicals Under Pressure - Potomac Fund Management
Dan Russo analyzes sector relative strength.
2021 Gains Not Enough to Turn Energy Green - Bespoke
Bespoke points out that the Energy sector is still -13% since the start of 2020, despite being the best performing sector year-to-date.
Is Copper Reversing Lower from Multi-Decade Price Highs? - See It Market
Chris Kimble breaks down a long-term chart of Copper.
Laggard FAANG Stock Has Not Hit a High Since January, and One Analyst Isn’t Betting on a Comeback - CNBC
Ari Wald of Oppenheimer explains that Netflix has been the laggard of the FAANG group.
Top Tweets
You’re all caught up now. Thanks for reading!