Daily Chart Report 📈 Wednesday, July 5, 2023

Daily Mkt Mood: Neutral

1. Small loss for $SPX
2. But.. SOX -2.2% and RTY -1.2%
3. And yet bonds sell off
4. Commodities up
5. Dollar firm

Quiet summer day plus investors in wait and see mode on eco data and earnings.

Feels like outlooks - or perhaps tone - may be tricky

— Abigail Doolittle (@TheChartress) July 5, 2023

$SPX How many lines will hold? pic.twitter.com/xLJZQurynn

— Frank Cappelleri (@FrankCappelleri) July 5, 2023

The mega caps remain in tight uptrends, the likes of which you don't see too often. Check out the charts: pic.twitter.com/m80O21hnH4

— Bespoke (@bespokeinvest) July 5, 2023

S&P 500 +15.9% for 1H23, marking second-best first half performance (price only) since 2000 pic.twitter.com/FO9DLVupp5

— Liz Ann Sonders (@LizAnnSonders) July 5, 2023

At +38.8%, this has been the best first half of the year in Nasdaq 100 $NDX ever (h/t @DanRusso_CMT). The best 2H was +61.4% in 1999: pic.twitter.com/p3W5KvJOLw

— Optuma (@Optuma) July 5, 2023

Very interesting data.

And from a price behavior/construction perspective, we also have *somewhat similar* basing action today when comparing to what we saw in 1958...$SPX $SPY $ES_F https://t.co/efE06CRXMK pic.twitter.com/C10gdSNqpE

— Ian McMillan, CMT (@the_chart_life) July 5, 2023

SPX follows bullish path of Presidential Cycle; Pres Cycle up but less robust until middle of Year 4 (2024)

Decennial Pattern weak from late Year 3 to mid Year 4 (Suttmeier BofA) pic.twitter.com/ZjAB7LVeiO

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) July 5, 2023

Will Copper follow $FCX? Or is it the other way around? $HG_F pic.twitter.com/uHKKzW0vuw

— Ian Culley, CMT (@IanCulley) July 5, 2023

#Oil is finally breaking out of the descending triangle!$CL_F #WTI pic.twitter.com/GLiJ0M0Dt8

— Jake Wujastyk (@Jake__Wujastyk) July 5, 2023

Yields moving higher and look to be breaking out.

Something worth paying attention to when it comes to the "risk on" trade we've been seeing as of late.#interestrates $TNX pic.twitter.com/j2eAQdBbpT

— Greg Rieben (@gregrieben) July 5, 2023

As dull as it is, this is the exact price action you want to see on $BTC #bitcoin.
Holding tight against those prior highs as supply chews through demand. pic.twitter.com/Co6YkUOzFm

— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) July 5, 2023

A great reminder for investors.

Stocks gain about 9% on avg per yr.

Yet, only 4 times since '50 did they gain b/t 8-10%.

Also, 21 times stocks were down on the year, yet 20 times they gained >20%

So stocks are rarely avg, and big gains are just as likely as negative returns. pic.twitter.com/TMNc1BaBIk

— Ryan Detrick, CMT (@RyanDetrick) July 5, 2023