Daily Chart Report 📈 Wednesday, July 19, 2023

July 19, 2023

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Today’s 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

Today’s 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."

– Mozart

Top Tweets

Daily Mkt Mood: Mixed

1. $SPX up third day
2. Kinda ugly close for $NDX
3. Commodities up
3. Bonds climb
4. Dollar up 2nd day

Still surprised that 'things' have gotten this extended but that's how it goes.

Unclear what the impetus is, but #bigtech likely consolidates soon.
— Abigail Doolittle (@TheChartress) July 19, 2023

Dow up 8 days in a row.

Although many still think we aren't in a new bull market, this is another clue we are, as these win streaks tend to happen in bullish markets.

Since 1990, higher a year later 17 of 18 times. pic.twitter.com/KPuihFgwPr
— Ryan Detrick, CMT (@RyanDetrick) July 19, 2023

Down candle tomorrow would complete and evening star pattern in the market. I am going to be very watchful tomorrow. $SPY pic.twitter.com/V2KIv6h5Ua
— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) July 19, 2023

$SPX is now up >18% since its last 5% decline. This is its longest run since the 38% move after the vaccine was announced in Nov 2020 and 2 other moves of 31% and 19% in 2020

Think about that: $SPX had 3 consecutives moves of 31%, then 19%, then 38% without a 5% decline after… pic.twitter.com/4ReweTIzCE
— David Settle, CMT (@davidsettle42) July 19, 2023

Volatility is likely to rise from here.

The S&P has gone 37 days without a 1% decline – last seen at the NOV 2021 Top.

Many similar streaks ended with some big Volatility spikes.

Watch closely for the first 1% down day – it could mark another important turn in Stocks. pic.twitter.com/lvIwelDT5i
— Macro Charts (@MacroCharts) July 19, 2023

Very interesting. Regional banks $KRE pic.twitter.com/qSj3VEjCDq
— Michael Kahn, CMT (@mnkahn) July 19, 2023

Regional banks trying to clear this important area.$KRE pic.twitter.com/NclntFKtbw
— David Rath, CMT, CFA (@DJwrath) July 19, 2023

60/40 resurrects to a 52wk high today $AOR pic.twitter.com/LWQFFVXCYU
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) July 19, 2023

Buyers showed up for the US Dollar right where they were supposed to, now lets see how long it holds

⚓️VWAP pic.twitter.com/8hXAypmY4b

— Brian Shannon, CMT (@alphatrends) July 19, 2023

$DBC

The commodity index closed right at the 200 day average while in a declining channel.

A break above would mean an up-trend again for commodities and would likely be the main topic for the news outlets. pic.twitter.com/ybdPxokOUg
— Tyler Lovingood (@Tyler_Lovingood) July 19, 2023

Steel $SLX pic.twitter.com/IgE6NEUHoX
— Ian Culley, CMT (@IanCulley) July 19, 2023

What do you call a stock that was down 99% from the highs and then rallied more than 1250% and is still down 87% from the highs?

Carvana pic.twitter.com/bD6A01nm58
— Ben Carlson (@awealthofcs) July 19, 2023

1/3

This week's cover pic.twitter.com/AukIEh85wC
— Jim Bianco (@biancoresearch) July 18, 2023

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

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Daily Chart Report 📈 Wednesday, July 19, 2023

Chart of the Day

Quote of the Day

Top Links

Top Tweets

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

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