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Daily Chart Report 📈 Thursday, July 20, 2023

July 20, 2023

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Today’s Summary
Thursday, July 20, 2023

Indices: Dow +0.47% | S&P 500 -0.68% | Russell 2000 -0.89% | Nasdaq -2.28%

Sectors: 7 of the 11 sectors closed higher. Utilities led, gaining +1.83%. Consumer Discretionary lagged, dropping -3.41%.

Commodities: Crude Oil futures rose +0.48% to $75.65 per barrel. Gold futures fell -0.50% to $1,971 per oz.

Currencies: The US Dollar rose +0.53% to $100.82.

Crypto: Bitcoin fell -0.38% to $29,804. Ethereum rose +0.34% to $1,895.

Interest Rates: The US 10-year Treasury yield moved higher to 3.854%.

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 Matt Weller (@MWellerFX). Matt points out that today was the second worst day of the year for the Nasdaq, with the index dropping -2.28%. Mega Caps were down across the board today, but $TSLA contributed the most to the Nasdaq’s decline, as the stock slid nearly -10% post-earnings. The Nasdaq certainly earned this breather after sprinting higher in recent weeks. It can afford to pull back even further in the near term before violating the uptrend, but so far, it’s holding above the 21-day and 50-day moving averages. Despite the Nasdaq’s weakness today, the Dow continued higher for the ninth consecutive day. This is exactly what healthy rotation looks like, and it’s necessary to sustain a bull market.

Quote of the Day

“A stock chart is simply a picture of human behavior.”

– William O’Neil

Top Links

Sector Rotation Underway with Fresh Bullish Breakouts Across U.S. Equities – Nasdaq
The Nasdaq’s Market Intelligence team highlights some key charts to watch in the coming months.

The Story of the “Magnificent Seven” Stocks is Changing, Says Freedom Capital Markets’ Jay Woods – CNBC
Jay Woods discusses the potential for further rotation as the rally broadens out.

Are Semiconductors (SMH) Setting Up For A Historic Breakout or Double Top? – Kimble Charting Solutions
Chris Kimble points out that Semiconductor ETF ($SMH) is testing a make-or-break level.

Bulls Dominate – Bespoke
Bespoke examines the results of the latest AAII Sentiment Survey.

Dumb Money Hates Bonds – All Star Charts
JC Parets looks at what could be next for Bonds.

Top Tweet

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