Daily Chart Report 📈 Monday, July 10, 2023
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Today’s Summary
Monday, July 10, 2023
Indices: Russell 2000 +1.64% | Dow +0.62% | S&P 500 +0.24% | Nasdaq 100 +0.06%
Sectors: 7 of the 11 sectors closed higher. Industrials led, gaining +1.42%. Utilities lagged, dropping -0.43%.
Commodities: Crude Oil futures fell -1.18% to $72.99 per barrel. Gold futures were flat and continue to trade at $1,931 per oz.
Currencies: The US Dollar Index dropped -0.31% to $101.95.
Crypto: Bitcoin rose +0.84% to $30,421. Ethereum gained +0.92% to $1,881.
Interest Rates: The US 10-year Treasury yield fell to 3.998%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Mark Ungewitter (@mark_ungewitter). The chart on the bottom is making its rounds, as Bloomberg points out that Wall Street strategists are extremely spit right now. The gap between the highest and lowest year-end targets for the S&P 500 is the widest in decades. Mark overlaid a chart of the S&P 500, highlighting that confusion on Wall Street isn't exactly bearish. If anything, this sort of disparity among analysts has historically been observed after a major cyclical low as the market transitions from bearish to bullish. Perhaps the real concern is when they all agree!....(see 2007 and 2015)
Quote of the Day
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute."
- William Feather
Top Links
Nasdaq 100 Plans Special Rebalance To Curb Dominance Of 'Magnificent Seven' - Investors Business Daily
This article takes a look at the "special rebalance" in the Nasdaq 100.
If Rates Break Out Here, Will Banks Continue to Tank? - Kimble Charting Solutions
Chris Kimble examines the relationship between interest rates and Bank stocks ($KBW).
Stocks: The Longer-Term View - Ciovacco Capital Management
Chris Ciovacco highlights some important long-term trends across the markets.
Rotation, Rotation, Rotation - Grindstone Intelligence
Austin Harrison look at which areas of the market could undergo rotation in the coming weeks.
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