Daily Chart Report 📈 Monday, July 10, 2023

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

Peak analyst disparity? pic.twitter.com/v5g19JRS2i
— Mark Ungewitter (@mark_ungewitter) July 10, 2023

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

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Top Tweets

When was the last time that the $NDX had +90% breadth with $AAPL, $GOOGL, $GOOG, $AMZN, $TSLA $MSFT and $NVDA all down on the day?

Ever?
— Frank Cappelleri (@FrankCappelleri) July 10, 2023

Some lagging sectors pulling their weight today as mega cap tech takes a much needed breather. $SPY pic.twitter.com/8UgWMEWMo2
— TrendSpider (@TrendSpider) July 10, 2023

$SPX was positive today despite $AAPL & $MSFT both falling over 1%. A quick Signal test shows that has happened 10 other times over the last 10 years, with avg returns 1 month after each occurrence +2.78%: pic.twitter.com/lfOh5zLgfS
— Optuma (@Optuma) July 10, 2023

If they're not willing to sell $SMH like mad up here... pic.twitter.com/H2h9CgxeJA
— Steve Deppe, CMT (@SJD10304) July 10, 2023

Industrials breaking out of a two year base is not bearish. #rotation $XLI https://t.co/nDPFOiaYUP
— Jay Woods (@JayWoods3) July 10, 2023

Industrials at or near breakouts:$ETN $GE $IR $PWR pic.twitter.com/rcK3mUF4x5
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) July 10, 2023

ARKF Fintech ETF is breaking out of a big base. We run ETF holdings through our trend models, and here is what we find:

5 are already trending, the rest are still in bases
Of those, half are making a strong run at their base highs. https://t.co/RaXKZlhHJi #backfromtheabyss pic.twitter.com/WEj42Zntnp
— David Lundgren, CMT CFA (@dlundgren3333) July 10, 2023

U.S. long bond is testing 7-month-old support. pic.twitter.com/GfF9Xc6Wml
— Mark Ungewitter (@mark_ungewitter) July 10, 2023

There have only been a handful of other times in the last six years that Bitcoin has traded in as narrow a range as it has over the last two weeks. pic.twitter.com/PfqHawgguC
— Bespoke (@bespokeinvest) July 10, 2023

After the greatest first half to a year in the history of the Nasdaq, sell side analysts respond with their most bearish second half outlook on record ¯\_(ツ)_/¯ pic.twitter.com/cH4FvVZF85
— J.C. Parets (@allstarcharts) July 9, 2023

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

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