Daily Chart Report π Thursday, July 6, 2023
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Todayβs Summary
Thursday, July 6, 2023
Indices: Nasdaq -0.75% | S&P 500 -0.79% | Dow -1.07% | Russell 2000 -1.64%
Sectors: All 11 sectors closed lower. Consumer Staples led but still fell -0.25%. Energy lagged, dropping -2.25%.
Commodities: Crude Oil futures were unchanged and continue to trade at $71.80 per barrel. Gold futures dropped -0.61% to a three-month low of $1,915 per oz.
Currencies: The US Dollar Index fell -0.23% to $103.11.
Crypto: Bitcoin fell -0.91% to $30,223. Ethereum dropped -1.93% to $1,874.
Interest Rates: The US 10-year Treasury yield rose to a four-month high of 4.035%.
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 Matthew Timpane (@mtimpane). Yields are on the move again, with the the 10-year US Treasury yield reaching four month highs today. It peaked in October, but never really broke down. Instead, it's spent the past ten months consolidating above the 2018 highs. This consolidation is starting to resemble a base within an uptrend. It still needs to clear resistance from the March highs (4.06%) and the October highs (4.24%). But, if it completes this base, we could see the 10-year yield make a new leg higher in the second half of the year.
Quote of the Day
βAt all times, in all markets, in all parts of the world, the tiniest change in rates changes the value of every financial asset.β
- Warren Buffett
Top Links
One Reason for the Lackluster Performance in Small Caps - Thrasher Analytics
Andrew Thrasher examines what could be driving Small Cap underperformance.
Is German DAX Holding The Key To Global Stock Markets? - Kimble Charting Solutions
Chris Kimble points out that the German DAX is at a key inflection point.
Island Reversals - Bart's Charts
James Bartelloni looks at some potentially bearish island reversal patterns.
Instagram Threads vs Twitter! - The Morning Show
We joined The Morning Show earlier today to discuss some of the noteworthy trends and themes across the markets.