Daily Chart Report ? Tuesday, July 12th, 2022

Today’s Summary
Tuesday, July 12th, 2022

Indices: Russell 2000 -0.22% | Dow -0.62% | S&P 500 -0.92% | Nasdaq 100 -0.97% 

Sectors: All 11 sectors closed lower. Communications led but still inched lower by -0.05%. Energy lagged, falling -1.95%.

Commodities: Crude Oil futures tumbled -7.93% to $95.84 per barrel. Gold futures fell -0.40% to $1,725 per ounce.

Currencies: The US Dollar Index ticked lower by just -0.05%.

Crypto: Bitcoin fell -2.57% to $19,435. Ethereum dropped -4.46% to $1,047.

Interest Rates: The US 10-year Treasury yield fell to 2.971%.

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 Yuriy Matso (@yuriymatso). It's a 1-hour candlestick chart of Nasdaq Futures since the beginning of May. Yuriy points out that the Nasdaq has made a series of lower highs & higher lows over the past two months, forming a triangle pattern with an apex around 11,800. The S&P 500 has formed a similar pattern over the past two months around 3,850.  When price coils into a tight range like this, it suggests the market is gearing up for a large move up or down. These consolidation patterns tend to resolve in the direction of the prevailing trend, which in this case is lower. If it resolves higher instead, the next major resistance level is around 13,000, which is about 10% higher. Either way, keep an eye on which direction this consolidation pattern resolves in the near term.

Quote of the Day