Daily Chart Report ? Wednesday, July 27th, 2022
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Today’s Summary
Wednesday, July 27th, 2022
Indices: Nasdaq 100 +4.26% | S&P 500 +2.62% | Russell 2000 +2.39% | Dow +1.37%
Sectors: All 11 sectors closed higher. Technology led, jumping +4.30%. Utilities lagged but still inched higher by +0.08%.
Commodities: Crude Oil futures rose +2.40% to $97.26 per barrel. Gold futures inched higher by +0.08% to $1,719 per ounce.
Currencies: The US Dollar Index dropped -0.69%.
Crypto: Bitcoin gained +7.22% to $22,795. Ethereum jumped +12.30% to $1,628.
Interest Rates: The US 10-year Treasury yield fell to 2.781%.
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 Jim Denholm (@denholm_jim). The chart pack shows four of the five largest stocks in the S&P 500 and Nasdaq year-to-date. Despite the recent bounce, Jim points out that some of the largest stocks are still just consolidating within downtrends. $AAPL is holding up better than the rest, considering it's the only one that is above its Q1 lows. The other three are down more than 20% from their highs and have been rangebound all Summer. $MSFT and $GOOG already reported earnings, but $AAPL and $AMZN report tomorrow. Even after today's massive rebound, some of the largest stocks are in need of further repair.
Quote of the Day
“A trading philosophy is something that cannot just be transferred from one person to another; it’s something that you have to acquire yourself through time and effort.”
- Richard Driehaus
Top Links
What Copper Crash Means for Broader Market - Schaeffer's Investment Research
Rocky White points out that Dr. Copper isn't as good at predicting the S&P 500 as most think.
Most Countries Remains Below Pre-Covid Highs - Bespoke
Bespoke shows that a majority of Country ETFs are trading below their pre-Covid highs.
Bull-Market Rebirth or Head Fake? These Five Indicators Will Give the Green Light for a Sustained Rise in Stock Prices - MarketWatch
Willie Delwiche outlines five things he's watching for confirmation of a new bull market.
Fairlead Strategies' Stockon on Crypto Markets - Bloomberg
In this clip, Katie Stockon shares her outlook on Bitcoin and Ethereum.
Top Tweets
You’re all caught up now. Thanks for reading!