Daily Chart Report ? Thursday, July 15th, 2021
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Today’s Summary
Thursday, July 15th, 2021
Indices: US Stocks closed mostly lower in today’s session. The Dow inched higher by 54 points or 0.15%. The S&P 500 and Nasdaq fell 0.33% and 0.70%, respectively. The Russell 2000 closed lower by 0.55%.
Sectors: 5 of the 11 sectors closed higher. Utilities led, rising 1.13%. Energy lagged, falling 1.40%.
Commodities: Crude Oil futures dropped 2.24% to $71.49 per barrel. Gold futures rose 0.29% to $1,830 per ounce.
Currencies: The US Dollar Index moved higher by 0.23%.
Interest Rates: The 10-year US Treasury yield continued lower to 1.301%.
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 on Twitter by Steve Strazza (@sstrazza). It’s a daily candlestick chart of the Dow Jones Internet ETF, $FDN, over the past nine months. The top-weighted holdings in this ETF include, $AMZN, $FB, $GOOGL, $PYPL and $NFLX. Steve points out that $FDN has formed a failed breakout. A failed breakout, or bull trap, as it’s also called is when price breaks out, but fails to hold above the breakout level, thus trapping the bulls who bought the breakout. It’s often said; “From failed moves come fast moves in the opposite direction.” In a comment to The Chart Report, Steve said, “This isn’t the only tech-related ETF sporting a failed breakout right now, just take a look at the Software ETF, $IGV, and the Semiconductor ETF, $SOX. What’s notable about $FDN is that it holds so many of the Mega-Cap stocks that have been propping up the major indices recently, and it still can’t hold its recent breakout. $FDN will need to reclaim its February highs (around $245) soon, or we could see some more pronounced selling in the coming days/weeks.”
Quote of the Day
“Most of the time we are punished if we go against the trend. Only at inflection points are we rewarded.”
– George Soros
Top Links
Breadth Metrics Weaken Across the Equity Market – Potomac Fund Management
Dan Russo analyzes breadth across the markets, pointing out that Small-Caps have seen the most deterioration recently.
Fewer Bulls Without More Bears – Bespoke
Bespoke breaks down the results of the latest sentiment surveys.
The Bears are Hibernating – All Star Charts
The team at All Star Charts offers their perspective on breadth and sentiment.
Market Wizard’s Tom Basso (Enjoy the Ride) – Against All Odds
Jason Perz interviews respected trader, Tom Basso.
Will Junior Gold Miners (GDXJ) Trigger Sell Signal? – See It Market
Chris Kimble points out that the Junior Gold Miners ETF, $GDXJ, is testing a crucial support level.
Top Tweets
You’re all caught up now. Thanks for reading!