Daily Chart Report ? Thursday, July 28th, 2022
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Today’s Summary
Thursday, July 28th, 2022
Indices: Russell 2000 +1.34% | S&P 500 +1.21% | Dow +1.03% | Nasdaq 100 +0.92%
Sectors: 10 of the 11 sectors closed higher. Real Estate led, gaining +3.69%. Communications was the only sector that closed lower, falling -1.14%.
Commodities: Crude Oil futures moved lower by -0.86% to $96.42 per barrel. Gold futures jumped +2.91% to $1,769 per ounce.
Currencies: The US Dollar Index fell -0.25%.
Crypto: Bitcoin gained +4.25% to $23,945. Ethereum rose +6.51% to $1,744.
Interest Rates: The US 10-year Treasury yield dropped to a 3-month low of 2.680%.
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 in a note by Callie Cox of eToro (@callieabost). Everybody including The President, Cardi B, and your Uncle is confused over whether we’re in a recession or not, but does it really matter at this point? Callie reminds us that the stock market is usually a few steps ahead of the economic data. On average, The S&P 500 peaks 6-months before the start of a recession, and it bottoms about 3-months before the end of a recession. It’s played out pretty similarly so far in this cycle considering, the S&P 500 peaked on the first trading day of the year, and here we are 7-months later. Recession or not, today’s GDP print just confirms what the S&P 500 has been saying for months. Nobody knows for sure if the S&P 500 has bottomed yet, but it will likely do so before the economic data and headlines improve.
Quote of the Day
“The stock market is a leading economic indicator. The stock market will tell you what the economy is going to do; the economy will not tell you what the stock market is going to do.”
– Walter Deemer
Top Links
The Recession Debate – Means to a Trend
Austin Harrison points out that the ongoing recession debate is somewhat pointless.
Worst Year for Sentiment on Record – Bespoke
Bespoke breaks down the latest AAII Sentiment Survey.
Are Stocks Bottoming? – HoneyStocks
Sam McCallum highlights a few noteworthy chart setups.
What Bitcoin Needs to Thrive – All Star Charts
JC Parets examines the relationship between the US Dollar and Bitcoin.
Top Tweets
You’re all caught up now. Thanks for reading!