Daily Chart Report π Wednesday, July 19, 2023
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Todayβs Summary
Wednesday, July 19, 2023
Indices: Russell 2000 +0.45% | Dow +0.31% | S&P 500 +0.24% | Nasdaq -0.09%
Sectors: 8 of the 11 sectors closed higher. Real Estate led, gaining +1.10%. Materials lagged, falling -0.54%.
Commodities: Crude Oil futures fell -0.49% to $75.29 per barrel. Gold futures were unchanged at $1,981 per oz.
Currencies: The US Dollar rose +0.36% to $100.28.
Crypto: Bitcoin was flat and continues to trade around $29,880. Ethereum fell -0.50% to $1,888.
Interest Rates: The US 10-year Treasury yield moved lower to 3.752%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Joe Fahmy (@jfahmy). Joe points out that the current rally in the Nasdaq Composite (right) resembles the rally in 2003 (left) when the index was recovering from the dot-com bubble. Both 2003 and 2023 were preceded by bear markets that bottomed in October. As we know, October has a reputation for being a bear market killer, especially in mid-term election years like 2002 and 2022. After bottoming in October, both periods rallied into the New Year before pausing for a few months. Both eventually resolved higher around Springtime as price began to ride the 21-day EMA. By late-Summer 2003, pullbacks began to deepen to the 50-day moving average, but the uptrend remained intact, and momentum picked up again at the end of the year. For more on this, read the full blog post here.
Quote of the Day
"The music is not in the notes,
but in the silence between."
β Mozart
Top Links
Dow Goes for Eight - Bespoke
Bespoke looks at the eight-day winning streak in the Dow Jones Industrial Average.
Can History Repeat Itself 20-Years Later? - The Next Big Move
Joe Fahmy compares the Nasdaq in 2003 to the Nasdaq in 2023.
Potential - Trading Adventures
Andy Moss gives a mid-week update on price action in the major indices.
S&P 500 in 'Terrific Uptrend' as Sectors Reach Record-Highs: Analyst - Yahoo Finance
In this clip, Brian Shannon and Jared Blikre discuss some of the key technical developments to watch in the near term.
Thoughts From Technical Analysis Legend Louise Yamada | The Morning Show
In today's episode of The Morning Show, legendary technician Louise Yamada shares her perspective on the market.
Top Tweets
Buyers showed up for the US Dollar right where they were supposed to, now lets see how long it holds
βοΈVWAP pic.twitter.com/8hXAypmY4b
β Brian Shannon, CMT (@alphatrends) July 19, 2023