Daily Chart Report 📈 Friday, July 14, 2023
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Today’s Summary
Friday, July 14, 2023
Indices: Dow +0.33% | Nasdaq 100 -0.04% | S&P 500 -0.10% | Russell 2000 -1.01%
Sectors: 3 of the 11 sectors closed higher. Health Care led, gaining +1.50%. Energy lagged by a decent margin, dropping -2.64%.
Commodities: Crude Oil futures dropped -1.91% to $75.42 per barrel. Gold futures were flat today, closing the week at $1,964 per oz.
Currencies: The US Dollar Index snapped a six-day losing streak, rising +0.18% to $99.96.
Crypto: Bitcoin dropped -3.62% to $30,331. Ethereum fell -3.29% to $1,939.
Interest Rates: The US 10-year Treasury yield rose to 3.834%.
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 Willie Delwiche (@WillieDelwiche). It was another positive week for stocks, with the S&P 500 rising +2.42% to a new 52-week high. Skeptics of this rally frequently claim that the S&P 500 is being propped up by “a handful of Mega Cap stocks.” Leadership was getting pretty narrow, but the rally has broadened in recent weeks as more stocks have begun to participate. Willie points out that the Median S&P 500 Stock (orange) has been outpacing the S&P 500 (blue) since the end of May. This breadth improvement further invalidates the bear case for stocks and supports continued upside in the coming months.
Quote of the Day
“Bears don’t live on Park Avenue.”
– Bernard Baruch
Trendlines > Headlines
https://youtu.be/GpS0LWYt5oI
The latest episode of Trendlines over Headlines is out!
This week, Scott Brown of Brown Technical Insights joins us to make sense of the current market environment. We discuss the outlook for the S&P 500, ARK ETFs, Interest Rates, the Dollar, and more!
Top Links
NASDAQ Down 5 Straight During July Monthly Options Expiration Week – Almanac Trader
Jeff Hirsch points out that July Options Expiration Week (next week) has had a bearish bias in recent years.
Implications of a Weaker Dollar – LPL Financial Research
Adam Turnquist highlights the breakdown in the US Dollar and what it could mean for other asset classes.
Stock Market Analysis July 14, 2023 – AlphaTrends.Net
In this video, Brian Shannon recaps this week’s price action and lays out some key levels to watch next week.
Top Charts from the Industrial Sector – Grindstone Market Intelligence
Austin Harrison does a deep dive into the Industrial sector as it breaks out to all-time highs.
Cathie Wood’s ARK Funds See Outflows Even as They Rally – Yahoo Finance
Todd Sohn points out that investors aren’t interested in ARK ETFs despite their recent comeback.
Top Tweets
You’re all caught up now. Thanks for reading!