Daily Chart Report ? Tuesday, July 20th, 2021
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Today’s Summary
Tuesday, July 20th, 2021
Indices: US Stocks rebounded in today’s session, with the Dow bouncing 550 points or 1.62%. The S&P 500 and Nasdaq rose 1.52% and 1.57%, respectively. The Russell 2000 outperformed, gaining 2.99%.
Sectors: All 11 sectors closed higher. Industrials led, rising 2.80%. Consumer Staples lagged, inching up just 0.03%.
Commodities: Crude Oil futures moved higher by 1.28% to $67.20 per barrel. Gold inched higher by 0.12% to $1,811 per ounce.
Currencies: The US Dollar Index rose 0.15%.
Interest Rates: The 10-year US Treasury yield moved higher to 1.223%.
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 Mattew Fox (@topstockcharts). It’s a daily candlestick chart of the S&P 500 throughout 2021. The S&P 500 gapped lower to start the week yesterday, but buyers showed up at the 50-day moving average once again. Matthew points out that this is the seventh successful test of the 50-day moving average this year. Clearly, this is an important moving average to keep an eye on. Eventually, it will fail. But, it doesn’t make much sense to fight the trend as long as the S&P 500 is above an upward sloping 50-day moving average. The bears had their chance to take us lower, but the bulls stepped in exactly where they needed to today. Heck, we even reclaimed the 5-day moving average in today’s session. After a quick trip to the 50-day moving average for the seventh time this year, all-time highs are now the next objective.
Quote of the Day
“It’s not what you look at that matters, it’s what you see.”
– Henry David Thoreau
Top Links
Support Levels are Being Tested – Potomac Fund Management
Dan Russo examines the strongest/weakest sectors of the S&P 500.
July Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five themes to watch in the coming weeks.
Finding Strength in Life and Markets – Against All Odds
In this video, Jason Perz interviews Steve Strazza. They discuss trading, technical analysis, and more.
Bitcoin Drawdown – Bespoke
With Bitcoin breaking below $30k today, Bespoke compares the current drawdown to past drawdowns.
Are Bitcoin Prices Headed For Further Losses In The Short-Term? – Forbes
Several analysts share their technical outlook on Bitcoin.
Top Tweets
The first big sell off greater than -1% is usually not the low (blue vertical lines). That said, the last 2 times it was (green vertical lines) $spy pic.twitter.com/qGDHtmnNl6
— Urban Carmel (@ukarlewitz) July 20, 2021
You’re all caught up now. Thanks for reading!