Daily Chart Report ? Thursday, July 14th, 2022
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Today’s Summary
Thursday, July 14th, 2022
Indices: Nasdaq 100 +0.34% | S&P 500 -0.30% | Dow -0.46% | Russell 2000 -1.07%
Sectors: 2 of the 11 sectors closed higher. Tech led, gaining +0.92%. Financials lagged, falling -1.91%.
Commodities: Crude Oil futures fell -0.54% to $95.78 per barrel. Gold futures dropped -1.71% to a new 52-week low of $1,706 per ounce.
Currencies: The US Dollar Index rose +0.58% to a fresh 20-year high.
Crypto: Bitcoin rose +1.14% to $20,462. Ethereum gained +5.92% to $1,180.
Interest Rates: The US 10-year Treasury yield rose to 2.965%.
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 Austin Harrison (@menastoatrend). It's a weekly chart of the Financial Sector over the past 18 years. Banks kicked off earnings season today, and price has not responded well so far. The sector closed at fresh 52-week lows on both an absolute and relative basis today. Austin points out that it's testing a crucial level around $500 ($30 in XLF). This level was a major inflection point in 2007, 2018, and 2020. It also coincides with the 200-week moving average. Watch how Financials behave at this key level as the market digests the slew of upcoming earnings data over the next week. Will former resistance act as support? Or, was 2021 just one big failed breakout?
Quote of the Day
"Probably one of my greatest assets over the last 30 years is that I’m open-minded and I can change my mind very quickly."
- Stan Druckenmiller
Top Links
S&P 500 Performance Before, During, and After Recessions - Almanac Trader
Jeff Hirsch examines how the S&P 500 has historically performed before, during, and after recessions.
Bulls Back Above 25% - Bespoke
Bespoke breaks down the latest AAII Sentiment Survey.
Sailing into the JPM Storm - HoneyStocks
Sam McCallum takes a look at Financials and Commodiites
Jerry Parker Breaks Down CPI June 2022 Data - TD Ameritrade Network
Legendary Turtle Trader, Jerry Parker discusses the market's reaction to CPI, Dollar strength, Commodities, and more.
What's it Going to Take? - All Star Charts
JC Parets points out that the Dollar continues to bully Stocks, Gold, and Crypto.
Top Tweets
You’re all caught up now. Thanks for reading!