Daily Chart Report π Tuesday, July 11, 2023
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Todayβs Summary
Tuesday, July 11, 2023
Indices: Russell 2000 +0.96% | Dow +0.93% | S&P 500 +0.67% | Nasdaq 100 +0.49%
Sectors: All 11 sectors closed higher. Energy led, gaining +2.20%. Health Care lagged, but still ticked higher by +0.03%.
Commodities: Crude Oil futures fell +2.52% to $74.83 per barrel. Gold futures rose +0.32% to $1,937 per oz.
Currencies: The US Dollar Index dropped -0.29% to $101.67.
Crypto: Bitcoin rose +0.66% to $30,621. Ethereum was flat, and continues to trade at $1,879.
Interest Rates: The US 10-year Treasury yield fell to 3.974%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by John Roque (@daChartLife). The ARK Innovation ETF ($ARKK) broke out to 10-month highs today after clearing resistance at $45. John points out the 40-week moving average has begun to slope higher recently as $ARKK transitions from a Stage 1 basing phase into a Stage 2 uptrend. Others have pointed out that $ARKK has formed a bullish inverted head & shoulders pattern over the past year. The next thing bulls want to see is new 52-week highs, which would be achieved by closing above the August highs (around $52). It's still in a -70% drawdown, and it would need to gain +230% from here to return to its February 2021 peak. However, all signs point to further upside in the near term for this former market darling.
Quote of the Day
"We are in the business of making mistakes. The only difference between the winners and the losers is that the winners make small mistakes, while the losers make big mistakes."
- Ned Davis
Top Links
Small-Caps Catch a Bid - Bespoke
Bespoke looks at the recent strength in the Russell 2000.
A Major Shake Up is Coming for the Nasdaq 100 - Thrasher Analytics
Andrew Thrasher examines the upcoming "special rebalance" in the Nasdaq 100 index.
Fill The Gap Episode Twenty-Nine, with Craig Johnson, CMT, CFA - CMT Association
In this podcast, Craig Johnson of Piper Sandler joins Tyler Wood and David Lundgren to discuss all things technical analysis.
Mystery Guest Host! | The Morning Show - Stock Market TV
We joined The Morning Show earlier today to discuss some of the hottest charts, trends and themes across the markets.
Unusual Social Activity β Your Next Great Trade
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