Daily Chart Report ? Tuesday, July 26th, 2022
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Today’s Summary
Tuesday, July 26th, 2022
Indices: Russell 2000 -0.69% | Dow -0.71% | S&P 500 -1.15% | Nasdaq 100 -1.96%
Sectors: 3 of the 11 sectors closed higher. Utilities led, gaining +0.60%. Consumer Discretionary lagged, dropping -3.22%.
Commodities: Crude Oil futures fell -1.78% to $94.98 per barrel. Gold futures inched lower by -0.08% to $1,718 per ounce.
Currencies: The US Dollar Index gained +0.68%.
Crypto: Bitcoin fell -0.93% to $21,107. Ethereum dropped -2.34% to $1,407.
Interest Rates: The US 10-year Treasury yield inched higher to 2.810%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Mark Ungewitter (@mark_ungewitter). It’s a chart of the Ark Innovation ETF ($ARKK) over the past six months. The five largest holdings in this ETF include $TSLA, $ZM, $ROKU, $TDOC, and $CRSP. Mark points out that $ARKK is rolling over again after bouncing nearly 34% off its June lows. It failed to hold above its recent breakout level around $45, which suggests we could revisit those June lows around $36-37 in the coming weeks.
Quote of the Day
“It’s not the answers that make you good in this business, it’s the questions you ask. If you ask the right questions you will always find out more than the next guy.”
– Michael Price
Top Links
Will Nasdaq Composite Decline Be Saved By Tripple Support? – Kimble Charting Solutions
Chris Kimble points out that the Nasdaq is testing long-term support.
More Volatility Expected Around Fed Announcement – Almanac Trader
Jeff Hirsch takes a look at how the S&P 500 has historically performed around Fed meetings.
Some Improvement but Will the Bulls Drop the Ball Again? – Research by Potomac
Dan Russo analyzes all 11 sectors of the S&P 500.
I Beg to Differ – Oaktree Capital
Legendary investor, Howard Marks shares his thoughts on the current market environment.
Top Tweets
The last 8 recessions in the US were preceded by an inversion of the 10-year and 3-month Treasury yields. We’re now only 19 bps away… pic.twitter.com/ZKNRDaoYaS
— Charlie Bilello (@charliebilello) July 26, 2022
You’re all caught up now. Thanks for reading!