Daily Chart Report 📈 Tuesday, July 18, 2023

July 18, 2023

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Today’s Summary
Tuesday, July 18, 2023

Indices: Russell 2000 +1.27% | Dow +1.06% | Nasdaq +0.82% | S&P 500 +0.71%

Sectors: 8 of the 11 sectors closed higher. Tech led, gaining +1.13%. Real Estate lagged, falling -0.83%.

Commodities: Crude Oil futures rose +2.04% to $75.66 per barrel. Gold futures gained +1.25% to $1,981 per oz.

Currencies: The US Dollar was little changed (+0.04%) and is at $99.92.

Crypto: Bitcoin fell -1.11% to $29,820. Ethereum fell -0.60% to $1,900.

Interest Rates: The US 10-year Treasury yield moved lower to 3.789%.

Here are the best charts, articles, and ideas being shared on the web today!

Chart of the Day

Well, how about that? Papa finally did it.$DJI $DIA $DJIA pic.twitter.com/NXyqSv3LFB
— Ian McMillan, CMT (@the_chart_life) 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. 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.

Quote of the Day

"A scare of shorts after a considerable decline sometimes brings a very rapid rise."

– Charles Dow

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 Tweets

Number of 10 handle pullbacks today in Spoos = 1 (barely)

the market is lol bid pic.twitter.com/dpULPX4u1R
— Tom Hearden (@followtheh) July 18, 2023

27 consecutive green candles in $RUT to start the day pic.twitter.com/Y6eGRY1Me0

— Bill Luby (@VIXandMore) July 18, 2023

$IWM 3% from a 52wk high.. building on yesterday's bullish engulfing pic.twitter.com/NxQpAE2XVL
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) July 18, 2023

The @carsonresearch team is currently overweight small and midcaps, as we expect these little loved areas to lead large caps the rest of '23.

Is the breakout happening, just as relative strength is turning higher for real?

Today is another big day of outperformance for smalls. pic.twitter.com/cT0tQCsp8d
— Ryan Detrick, CMT (@RyanDetrick) July 18, 2023

Russell 2000 working on second consecutive month of outperformance relative to S&P 500 ... not enough to solve for prior three months of relative losses, but a step in right direction
[Past performance is no guarantee of future results] pic.twitter.com/N4XsYZTB2B
— Liz Ann Sonders (@LizAnnSonders) July 18, 2023

Papa Dow is Bullish! $DOWI $DOWT #DowTheory pic.twitter.com/GnrnzU0PVr
— Jay R. Ligon (@TheeDisruptor) July 18, 2023

Equity flows have perked up (a scent of “FOMO”?). But hard pressed to call sentiment aggressive today. pic.twitter.com/SJtiohdmrF

— Todd Sohn (@Todd_Sohn) July 18, 2023

VXF tracks 3,669 stocks, "...virtually all regularly traded U.S. stocks except those in the S&P 500 Index" according to Vanguard. VXF closed above its August 2022 high today. pic.twitter.com/PUmsarnSuP
— Louis Spector, CMT (@LouisSpectorCMT) July 18, 2023

$SPX Bullish Percent Index now well above the key 70% level. That means we're going up, big time. The problem is when this indicator breaks back below 70%, which has usually been a fantastic signal for pullback mode. Not yet... pic.twitter.com/qKHHAigNK1
— David Keller, CMT (@DKellerCMT) July 18, 2023

VIX <14, in case you missed it. pic.twitter.com/TkMFxRk6so
— Mark Ungewitter (@mark_ungewitter) July 18, 2023

Buy or Buy? pic.twitter.com/4EWWAFavSF
— Dow (@mark_dow) July 18, 2023

Lovely structure on NG - first higher low on dailies... pic.twitter.com/FvgOmvXzlc
— Linda Raschke (@LindaRaschke) July 18, 2023

'08 analog update $ES_F pic.twitter.com/TD37xkfxio
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) July 18, 2023

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

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