Chart of the Day - Tuesday, July 18, 2023

Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). The Dow rose for the seventh straight day and officially joined the new 52-week high club today. Ian points out that price decisively cleared resistance around $34,500 after numerous failed attempts over the past year. The major indices are joining the new 52-week high club one by one. The Nasdaq was the first to break out in May, then the S&P 500 in June, and now the Dow in July! At this point, The Russell 2000 is the only major index that hasn't made new 52-week highs yet, but it's just 2.5% away from joining the club.