Daily Chart Report ? Wednesday, July 6th, 2022
Sponsored By:
Today’s Summary
Wednesday, July 6th, 2022
Indices: Nasdaq 100 +0.62% | S&P 500 +0.36% | Dow +0.23% | Russell 2000 -0.79%
Sectors: 7 of the 11 Sectors closed higher. Utilities led, gaining +1.04%. Energy lagged, dropping -1.71%.
Commodities: Crude Oil futures fell -0.97% to $98.53 per barrel. Gold futures dropped for the seventh straight day -1.55% to $1,737 per ounce.
Currencies: The US Dollar Index rose +0.55% to its highest level since 2002.
Crypto: Bitcoin rose +1.87% to $20,545. Ethereum gained +5.25% to $1,191.
Interest Rates: The US 10-year Treasury yield rebounded to 2.934%.
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 Tarek Saab (@FibLines). It’s a daily candlestick chart of the Agricultural Commodities ETF, $DBA, over the past 20 months. This ETF tracks a basket of 10 Commodities including, Soybeans, Wheat, Corn, Coffee, Live Cattle, and more. It broke out at the end of last year and rallied about 18% up until May of this year. It’s given back that entire move since then, and it is now retesting the breakout level around $19.50. This is an important test for Commodities. Was that it for food inflation? Or, is this just a classic retest within an uptrend?
Quote of the Day
“The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.”
– George Soros
Top Links
Seemingly Intent on Reaching the pre-COVID Highs – Research by Potomac
Dan Russo makes the case for a restest of the Feb 2020 highs in the S&P 500.
What Happened to Energy? – Bespoke
Bespoke takes a look at the sharp reversal in the Energy sector.
Energy Stocks Attempting to Break Down Thru Key Support! – Kimble Charting Solutions
Chris Kimble points out that the Energy sector is testing key support.
How SAMT is Positioning in the Current Market Environment – Strategas Asset Management
In this clip, Todd Sohn offers his thoughts on the current market environment.
Get Ready for the Quadrennial Rally – Almanac Trader
Seasonality expert, Jeff Hirsch explains why he thinks the market will bottom in August-October.
Top Tweets
You’re all caught up now. Thanks for reading!