Daily Chart Report πŸ“ˆ Monday, July 17, 2023

Patrick Dunuwila
July 17, 2023

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Today’s Summary
Monday, July 17, 2023

Indices: Russell 2000 +1.04% | Nasdaq +0.95% | S&P 500 +0.39% | Dow +0.22%

Sectors: 5 of the 11 sectors closed higher. Tech led, gaining +1.28%. Utilities lagged, falling -1.15%.

Commodities: Crude Oil futures fell -1.68% to $74.15 per barrel. Gold futures fell -0.41% to $1,956 per oz.

Currencies: The US Dollar Index inched lower by -0.08% to $99.88.

Crypto: Bitcoin fell -0.33% to $30,154. Ethereum fell -0.63% to $1,911.

Interest Rates: The US 10-year Treasury yield fell to 3.811%.

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 Peter Brandt (@PeterLBrandt). Peter points out that the Regional Bank ETF ($KRE) is carving out a potential bottom after forming an inverted head & shoulders pattern over the past four months. Price is testing the neckline around $45 as it attempts to break out from this bullish pattern. Ironically, the crash in Regional Banks started as a head & shoulders top earlier this year, and it could end with a head & shoulder bottom.

Quote of the Day

β€œBull markets and bear markets last long enough so that the average trader is likely to forget by the time the climax is approaching that any sort of movement is possible.”

– Philip Carret

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

Bear Markets are Transitory - A Wealth of Common Sense
Ben Carlson shares a few thoughts last year's bear market and this year's recovery.

US Dollar Deja Vu? Repeating Bearish Pattern In Play! - Kimble Charting Solutions
Chris Kimble compares the recent breakdown in the US Dollar Index to a similar breakdown from the early 2000's

End of the Bond Bull? Not so Fast... - All Star Charts
JC Parets examines what could be next for Bonds.

Frothy but Sector Rotations Continue - Momentum Monday
In this video, Howard Lindzon and Ivanhoff discuss the most noteworthy stocks and trends across the markets.

Top Tweets

Across "the curve" rates were not able to breakout. The consensus view is higher rates. What if that's wrong? pic.twitter.com/zSCJmPkuwu

β€” Dan Russo, CMT (@DanRusso_CMT) July 17, 2023

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

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