Daily Chart Report ? Wednesday, July 13th, 2022
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Today’s Summary
Wednesday, July 13th, 2022
Indices: Russell 2000 -0.12% | Nasdaq 100 -0.14% | S&P 500 -0.45% | Dow -0.67%
Sectors: 2 of the 11 sectors closed higher. Consumer Discretionary led, rising +0.82%. Industrials lagged, falling -1.22%.
Commodities: Crude Oil futures rose +0.58% to $96.40 per barrel. Gold futures gained +0.52% to $1,734 per ounce.
Currencies: The US Dollar Index slipped -0.13%.
Crypto: Bitcoin rose +2.42% to $19,786. Ethereum gained +4.52% to $1,084.
Interest Rates: The US 10-year Treasury yield fell to 2.937%.
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 Ian Culley (@IanCulley). Today's CPI report had inflation at 41-year highs. Ironically, Crude Oil is currently trading near three-month lows, down more than 20% from its recent highs. Ian points out that its testing key support around $94. Typically, the more times a level is tested, the weaker it becomes, and this level has been tested several times in recent months. While many wonder whether inflation data is peaking, one of the biggest drivers of inflation is attempting to break down after a stellar run.
Quote of the Day
"The American people have a love-hate relationship with inflation. They hate inflation but love everything that causes it."
- William E. Simon
Top Links
The Bears Have Lost Their Best Friend - StockCharts.com
Tom Bowley shares his thoughts on the S&P 500, Crude Oil, and inflation.
The Isn't Normal - Bespoke
Bespoke examines the flattening of the yield curve.
Jim Bianco joins CNBC Fast Money: 100 in July, 75 in September, Stagflation a Real Possibility - CNBC
In this clip, Jim Bianco discusses the possibility of a 1% rate hike in July.
Treasuries Begin to Base as Stocks Remain Under Pressure - Research by Potomac
Dan Russo highlights some key takeaways from the current market environment.
Top Tweets
You’re all caught up now. Thanks for reading!