Daily Chart Report ? Thursday, July 29th, 2021

Today’s Summary
Thursday, July 29th, 2021

Indices: US Stocks closed higher in today’s session, with the Dow gaining 154 points or 0.44%. The S&P 500 rose 0.42%, while the Nasdaq finished flat (0.11%). The Russell 2000 outperformed, gaining 0.68%.

Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining 1.13%. Communications lagged, falling 1.08%.

Commodities: Crude Oil futures moved higher by 1.41% to $73.41 per barrel. Gold futures jumped 1.82% to $1,832 per ounce.

Currencies: The US Dollar Index continued lower by 0.41%.

Interest Rates: The 10-year US Treasury yield rose 1.271%.

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 Nautilus Research (@NautiliusCap). It’s a chart of Pfizer ($PFE) in two different time frames. Nautilus points out that the past two years of price action look exactly like the past two decades of price action. In Technical Analysis, we often say prices are fractal in nature. Meaning, price patterns behave in the same way in both short-time frames and long-time frames. In this case, $PFE is attempting to break out of a 2-year base, and a 20-year base at the same time. You could also call this a bullish Cup & Handle pattern if that’s your thing. The bottom line is that this former Dow stock is attempting to break out across multiple time frames. So, whether you’re a long-term investor or swing trader, this setup looks promising as long as the stock can hold above $40.

Quote of the Day

“Whenever a breakout occurs with a stock moving into virgin territory (it’s never traded there before), this is the most bullish situation you can buy. Think about it. There isn’t one person who is long and has a loss.”

– Stan Weinstein

Laser Eyes are Back – Bulls Regain Control – Rieben Financial
Greg Rieben takes a look at a few noteworthy charts in the crypto space.