Daily Chart Report ? Wednesday, July 21st, 2021

Today’s Summary
Wednesday, July 21st, 2021

Indices: US Stocks continued higher in today's session with the Dow advancing 286 points or 0.83%. The S&P 500 and Nasdaq gained 0.82% and 0.92%, respectively. The Russell 2000 outperformed, rising 1.81%.

Sectors: 8 of the 11 sectors closed higher. Energy led by a wide margin, gaining 3.49%. Utilities lagged, falling 1.10%.

Commodities: Crude Oil futures rebounded 4.61% to $70.30 per barrel. Gold slipped 0.44% to $1,803 per ounce.

Currencies: The US Dollar Index slipped 0.19%.

Interest Rates: The 10-year US Treasury yield rose to 1.293%.

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 Peter Brandt (@PeterLBrandt). It’s a daily bar chart of the Dow Jones Industrial futures over the past three months. Peter alludes to the fact that the Dow has formed a classic chart pattern known as an inverted head & shoulders pattern. This bullish pattern will be confirmed if price breaks neckline resistance around 35k in the near term. The Dow has tested and failed at that level three times in the past two months. Will the fourth time be the charm? If you want to split hairs, you could argue that this isn’t a true inverted head & shoulders pattern because it formed after an uptrend rather than a downtrend. However, Peter has explained that while this is traditionally a reversal pattern, it can also be a continuation pattern. After two months of sideways price action, could one of the most important indices be poised for a new leg higher?

Quote of the Day

“The one fact pertaining to all conditions is that they will change.”

– Charles Dow