Daily Chart Report 📈 Thursday, July 13, 2023

#bitcoin breaks out of the range $BTC $BTCUSD pic.twitter.com/09HFDqHNBu

— Conor White, CMT, CIM (@ConorWhiteCMT) July 13, 2023

$QQQ in the process of clearing all prior weekly resistance levels (377 in August 2021), other than the all-time highs. Needs a weekly close over 378.00 pic.twitter.com/TPdHoYnlmA

— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) July 13, 2023

If the Nasdaq-100 $NDX fell -20% from the current price, it would still be equivalent to where it was on March 20, 2023 and still need to fall another -16.3% to make new bear market lows. pic.twitter.com/bgpNsLavMB

— Caleb Franzen (@CalebFranzen) July 13, 2023

After breaking through the 61.8% retracement level last month, the S&P 500 is at the 76.4% level now, which just so happens to be a psychological threshold of 4500. Let's see what happens at this juncture... https://t.co/cBqLDS7C6e pic.twitter.com/UJbpeV6yrR

— Liz Young Thomas (@LizThomasStrat) July 13, 2023

We are now 10% above the 40 Week (200 Day) MA.

While that feels "extended" over the short term, here are the periods where the S&P 500 spent *at least 6 months* below the 40 Week MA, with a subsequent rally to 10% above the 40 Week MA...$SPX $SPY $ES_F pic.twitter.com/U0YOZ0BvbS

— Ian McMillan, CMT (@the_chart_life) July 13, 2023

Technical evidence suggests that October 2022 was a cyclical bottom. Worth noting that cyclical tops: 1) produce record highs; 2) have occurred at least 14 months post-bottom; and 3) commonly feature both NYSE and Nasdaq high-low-logic readings >1.5%. Remind me later? pic.twitter.com/tL6P5BtcrM

— Mark Ungewitter (@mark_ungewitter) July 13, 2023

NAAIM exposure index climbing into the 90s and at highest level since Nov 2021 (when it was in the 100s). pic.twitter.com/HktENHYenq

— Willie Delwiche, CMT, CFA (@WillieDelwiche) July 13, 2023

The S&P 500 has climbed in six out of the last seven summers.

And it's up a cool 7% since Memorial Day.

What's that saying again? Don't short a summer market?

😎 pic.twitter.com/Hdm3Vw4wVo

— Callie Cox (@callieabost) July 13, 2023

$ARKK - Zoom out, what if ARK is just getting started? pic.twitter.com/UXsncD65Yy

— Larry Thompson (@HostileCharts) July 13, 2023

imagine spending your days on twitter hating on cathie wood instead of just worrying about yourself? you have to be a special kind of loser to decide that's how you're going to spend your days. Meanwhile, the ARK Fintech Innovation Fund is breaking out to new 52-week highs pic.twitter.com/xrwNDMnSCt

— J.C. Parets (@allstarcharts) July 13, 2023

ARK Next Generation Internet ETF $ARKW threatens to break the upper bounds of a massive reversal pattern. pic.twitter.com/XAnwiagtAQ

— Alfonso De Pablos, CMT (@AlfCharts) July 13, 2023

One other potential reason to hesitate piling into the long side of the U.S. Dollar... @sentimentrader pic.twitter.com/7yI5qwIC3x

— Jay Kaeppel (@jaykaeppel) July 13, 2023

Silver surging to its highest price since early May pic.twitter.com/yXAyRVdsqw

— Barchart (@Barchart) July 13, 2023

▸ XRP market cap at 10:00 AM: $24 billion
▸ XRP market cap now: $42 billion

That's an increase of $18 billion in a matter of hours. pic.twitter.com/fZW65slFGi

— TradingView (@tradingview) July 13, 2023

Friendly reminder that it's a good market and we're not that smart. So, stay humble. Also, strong markets forgive mistakes such as chasing extended stocks and not sticking to losses. So, stay disciplined too.

— Joseph Fahmy (@jfahmy) July 13, 2023