Daily Chart Report ? Tuesday, July 19th, 2022
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Today’s Summary
Tuesday, July 19th, 2022
Indices: Russell 2000 +3.50% | Nasdaq 100 +3.13% | S&P 500 +2.76% | Dow +2.43%
Sectors: All 11 sectors closed higher. Industrials led, gaining +3.57%. Utilities lagged, but still rose +0.64%.
Commodities: Crude Oil futures moved higher by +1.33% to $100.74 per barrel. Gold futures were flat and continue to trade around $1,710 per ounce.
Currencies: The US Dollar Index dropped -0.68%.
Crypto: Bitcoin rose +4.62% to $23,470. Ethereum fell -1.03% to $1,565.
Interest Rates: The US 10-year Treasury yield moved higher to 3.03%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). The S&P 500 closed above its 50-day moving average today for the first time since April 20th. This ends the longest streak below the 50-day since 2008. The Dow, Nasdaq, Russell 2000, and Bitcoin also reclaimed their respective 50-day moving averages today. While this is constructive, we’re dealing with downward-sloping 50-day moving averages. Today was a step in the right direction for the bulls, but the rally remains countertrend at this point.
Quote of the Day
“Changes in latitudes
lead to changes in attitudes.”
– Steve Leuthold
Top Links
The Longest and Shortest Bear Markets – A Wealth of Common Sense
Ben Carlson examines the magnitude and duration of past bear markets.
Speculators Head for the Hills – Bespoke
Bespoke takes a look at positioning within S&P 500 futures.
Semiconductors (SMH) Trading at Important Price Resistance Level – See It Market
Chris Kimble points out that Semiconductors are testing a long-term resistance level.
Currencies Tell the Story – All Star Charts
Ian Culley points out that emerging market currencies are suggesting that interest rates will move lower.
Top Tweets
king dollar$UPN $UUP $EEM $DBC pic.twitter.com/HZo8A2DayA
— J4 (@J4_doji) July 19, 2022
You’re all caught up now. Thanks for reading!