Daily Chart Report 📈 Friday, July 7, 2023

July 7, 2023

Powered By:

Today’s Summary
Friday, July 7, 2023

Indices: Russell 2000 +1.22% | S&P 500 -0.29% | Nasdaq 100 -0.35% | Dow -0.55%

Sectors: 5 of the 11 sectors closed higher. Energy led by a wide margin, gaining +2.15%. Consumer Staples lagged, dropping -1.30%.

Commodities: Crude Oil futures rose +2.87% to $73.86 per barrel. Gold futures gained +0.89% to $1,933 per oz.

Currencies: The US Dollar Index dropped -0.82% to $102.27.

Crypto: Bitcoin rose +1.46% to $30,348. Ethereum gained +1.26% to $1,871.

Interest Rates: The US 10-year Treasury yield rose to an eight-month high of 4.070%.

Here are the best charts, articles, and ideas being shared on the web today!

Chart of the Day

Small Cap Energy holding up much better than their Large Cap peers...$PSCE $XLE pic.twitter.com/jYfZnu0Q7w
— Ian McMillan, CMT (@the_chart_life) July 7, 2023

Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). Energy continues to be the weakest sector year-to-date after outperforming by a mile last year. However, the sector led by a notable margin on Friday as Crude Oil broke out from its recent downtrend. Ian points out that Small Cap Energy Stocks ($PSCE) are holding up better than their Large Cap peers ($XLE). Not only is $PSCE outperforming $XLE year-to-date, it’s also above its June highs, while $XLE remains below its June highs. Small Cap underperformance has been a big theme in the broader market this year, but it’s not evident in the Energy sector. This is bullish for the entire sector as it demonstrates risk appetite for Energy stocks.

Quote of the Day

“What good is the warmth of summer without the cold of winter to give it sweetness.”

- Henry David Thoreau

Unusual Social Activity → Your Next Great Trade

We've gotten a ton of positive feedback about The Buzz, our latest report packed with actionable trade ideas.

Now’s your chance to see what all the fuss is about…

Join us LIVE on Wednesday at 7:00 p.m. Eastern to see how unusual social activity can help you find profitable trades!

You don’t want to miss this one!

Top Tweets

Weekly $SPX update: a small pullback this week as yields jumped and held after jobs data. Considering what stocks would have done last year in similar circumstances, we'll call it a nothingburger. pic.twitter.com/u9bU3lO5bn
— Michael Turvey (@MikeTurveyCS) July 7, 2023

So you're overweight bonds and underweight stocks?

Be aware that stocks relative to bonds made another new all-time high this week.

No one knows when this will stop, but until it does, OW stocks makes a lot of sense to @CarsonResearch. pic.twitter.com/GTLI0sxBET
— Ryan Detrick, CMT (@RyanDetrick) July 7, 2023

According to ⁦@AAIISentiment⁩, June stock allocation rose to 66%, a 13m high … bond allocation fell below its 15.9% historical average for 28th consecutive month pic.twitter.com/leXeBfNDtg
— Liz Ann Sonders (@LizAnnSonders) July 7, 2023

-8% max drawdown for SPY during the first half. 33% of the time this can mark the steepest of the year (vs. an avg of -14%)… important number to keep in mind for 2H ‘23. pic.twitter.com/NVohrE0rCa
— Todd Sohn (@Todd_Sohn) July 7, 2023

Since early February, the S&P 500 is up 6% & the median stock in the index is down 3%.

But the tide could be turning.

In June, the median stock posted its best gain since October and outperformed the index for the first time in five months. pic.twitter.com/K6vW6i9dM5
— Willie Delwiche, CMT, CFA (@WillieDelwiche) July 7, 2023

Energy stocks waking up in a major way.$OIH pic.twitter.com/zidWtuPBrS
— Justin Spittler (@JSpitTrades) July 7, 2023

Sneaky upside BO on Crude (daily line chart). pic.twitter.com/e1kXV1ur4O
— Linda Raschke (@LindaRaschke) July 7, 2023

$GOLD prices. pic.twitter.com/KjIefWOg12
— David Nicoski CMT (@davevermilion) July 7, 2023

Do you have $DXY breaking below 101 on your Summer 2023 bingo card?
Maybe you should check... pic.twitter.com/3iouRqb0me
— TF Metals Report (@TFMetals) July 7, 2023

Not a good look for bonds heading into the weekend... $TLT pic.twitter.com/xwDG1UQTo3
— Conor White, CMT, CIM (@ConorWhiteCMT) July 7, 2023

Fitting end to the week.

Have a good one.$ES_F pic.twitter.com/rRfZKTa4eG
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) July 7, 2023

You’re all caught up now. Thanks for reading!

Filed Under:

Daily Chart Report,

Front Top Content,