Daily Chart Report πŸ“ˆ Wednesday, July 12, 2023

Patrick Dunuwila
July 12, 2023

Powered By:

Today’s Summary
Wednesday, July 12, 2023

Indices: Nasdaq 100 +1.24% | Russell 2000 +1.05% | S&P 500 +0.74% | Dow +0.25%

Sectors: 9 of the 11 sectors closed higher. Utilities led, gaining +1.46%. Health Care lagged, falling -0.27%.

Commodities: Crude Oil futures fell +1.23% to $75.75 per barrel. Gold futures rose +1.27% to $1,962 per oz.

Currencies: The US Dollar Index had its worst day in more than six months, dropping -1.07% to a 15-month low of $100.57.

Crypto: Bitcoin fell -0.83% to $30,367. Ethereum fell -0.39% to trade at $1,871.

Interest Rates: The US 10-year Treasury yield dropped to 3.859%.

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 Barchart (@Barchart). Today was the worst day for the US Dollar Index ($DXY) since January, as $DXY slid -1.07% to a 15-month low. Stocks struggled last year as the $DXY trended higher, and that inverse relationship remains in place. It's no surprise that Stocks have trended higher since the Dollar peaked last Fall. This level, around $101-$103, has been a major inflection point for $DXY in recent years, and $DXY has significant downside risk if it's below $100. Stocks will likely benefit if the Dollar continues to deteriorate in the coming months.

Quote of the Day

"Markets will do the most obvious thing in the least obvious way." 

- Linda Raschke

Top Links

Strong Stocks, Weaker Dollar - Trading Adventures
Andy Moss reviews this week's price action and some of the technical developments that have taken place so far.

Here We Go Again - Carson Group
Ryan Detrick points out that Wall Street remains skeptical of the rally despite the bullish developments we've seen this year.

DXY Slides to 52-Week Low - All Star Charts
Ian Culley looks at the breakdown in the US Dollar Index ($DXY).

10 Sectors with a Sour 2023 Performance - Schaeffer's Investment Research
Rocky White examines the best and worst industry groups in the first half of the year.

The 50 Best One-Year Returns on the S&P 500 (1980-2022) - Visual Capitalist
Here's an neat visual showing the best annual gains among S&P 500 stocks.

Top Tweets

While the consensus is lower Treasury prices (higher rates), the 10-Year Note may have just made a 4th higher low. pic.twitter.com/VyRmLjIIMU

β€” Dan Russo, CMT (@DanRusso_CMT) July 12, 2023

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

Filed Under: