Daily Chart Report ? Monday, July 18th, 2022
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Today’s Summary
Monday, July 18th, 2022
Indices: Russell 2000 -0.34% | Dow -0.69% | S&P 500 -0.84% | Nasdaq 100 -0.89%
Sectors: 3 of the 11 sectors closed higher. Energy led, gaining +2.29%. Health Care lagged, dropping -2.11%.
Commodities: Crude Oil futures rose +1.88% to $99.42 per barrel. Gold futures gained +0.39% to $1,710 per ounce.
Currencies: The US Dollar Index fell -0.51%.
Crypto: Bitcoin rose +4.22% to $21,679. Ethereum jumped +11.02% to $1,485.
Interest Rates: The US 10-year Treasury yield moved higher to 2.989%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). It’s a chart of Apple inc. ($AAPL) in both a daily timeframe (left) and 65-minute timeframe (right). The ball is in Apple’s court right now. This is the largest stock in both the S&P 500 and Nasdaq, representing a 7% & 13% weighting respectively. It’s been holding up surprisingly well considering it broke out to all-time highs on a relative basis last week. However, Brian points out that after a 16% rebound in four weeks, the stock is running into resistance at the VWAP from the March high around $150. This level also represents the March lows, so it’s clearly an important one to watch in the near term. It’s going to be much harder for the indices to rebound if we lose Apple.
Quote of the Day
“Millions saw the apple fall,
but Newton was the one who asked why.”
– Bernard Baruch
Top Links
More Small-Cap Weakness Likely as Russell 2000 Enters Historically Weakest Part of the Year – Almanac Trader
Jeff Hirsch takes a look at Small-Cap seasonality.
Financials Rallied on Friday, But is it Enough? – StockCharts.com
David Keller examines the outlook for the Financial sector.
Relationships Matter – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most important technical developments across the markets.
Do You See What Happens? – All Star Charts
JC Parets points out that Stocks and Crypto continue to be inversely correlated to the US Dollar.
Trendlines Over Headlines with Special Guest, Howard Lindzon – The Chart Report
In case you missed it, here’s the latest episode of Trendlines Over Headlines with guest, Howard Lindzon.
Top Tweets
You’re all caught up now. Thanks for reading!