Daily Chart Report ? Wednesday, July 20th, 2022
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Today’s Summary
Wednesday, July 20th, 2022
Indices: Russell 2000 +1.59% | Nasdaq 100 +1.55% | S&P 500 +0.59% | Dow +0.15%
Sectors: 7 of the 11 sectors closed higher. Communications led, gaining +1.65%. Utilities lagged, falling -1.33%.
Commodities: Crude Oil futures fell -0.85% to $99.88 per barrel. Gold futures dropped -0.61% to $1,700 per ounce.
Currencies: The US Dollar Index rose +0.33%.
Crypto: Bitcoin was flat and continues to trade at $23,415. Ethereum inched lower by -0.38% to $1,537.
Interest Rates: The US 10-year Treasury yield was flat and continues to be at 3.027%.
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 Shane Murphy (@murphycharts). The Russell 2000 has bounced about 10% off its June lows, but it's still down more than 25% from its all-time highs. Shane points out that it is successfully holding long-term support around 1700 so far. However, there's a major resistance level about 5-6% higher from here around 1900-1950. Price was already rejected here about a month ago...will the second time be the charm?
Quote of the Day
“Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient.”
- Seth Klarman
Top Links
Best Performers Since Mid-June Low - Bespoke
Bespoke takes a look at the best performing stocks in the Russell 1000 since the most recent low.
A Step in the Right Direction - Research by Potomac
Dan Russo highlights some key takeaways from the current market environment.
NYSE Index Bounces Off 38.2 Fibonacci Level, Will it Hold? - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the NYSE Index.
90% Up Days are Short-Term Bullish - The Final Bar
In this video, David Keller and Todd Sohn discuss the recent bounce.
Can the S&P 500 Keep Pace with Red Hot Inflation? - Schaeffer's Investment Research
Rocky White examines how the S&P 500, Crude Oil, and Gold have historically performed after CPI reaches 9%.
Top Tweets
2. After 2x 10:1 up days within 3 months without a 10:1 down day in between, $SPX has more than doubled its LT average gain 1, 3, and 6 months later, on average. 2/5 pic.twitter.com/hUHKcxN8t6
— Ed Clissold (@edclissold) July 20, 2022
You’re all caught up now. Thanks for reading!