Daily Chart Report 📈 Monday, July 24, 2023

July 24, 2023

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Today’s Summary
Monday, July 24, 2023

Indices: Dow +0.52% | S&P 500 +0.40% | Russell 2000 +0.28% | Nasdaq 100 +0.14%

Sectors: 9 of the 11 sectors closed higher. Energy led by a wide margin, gaining +1.61%. Utilities lagged, falling -0.26%.

Commodities: Crude Oil futures rose +2.17% to a three-month high of $78.74 per barrel. Gold futures fell -0.22% to $1,962 per oz.

Currencies: The US Dollar Index rose for the fifth straight day, gaining +0.29% to $101.38.

Crypto: Bitcoin dropped -3.02% to $29,176. Ethereum fell -2.11% to $1,850.

Interest Rates: The US 10-year Treasury yield rose to 3.878%.

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

Chart of the Day

A bullish scent in the air: The all-important equal-weighted index continues to flirt with a base breakout. pic.twitter.com/QHiqRD9O7x
— Jurrien Timmer (@TimmerFidelity) July 24, 2023

Today’s Chart of the Day was shared by Jurrien Timmer (@TimmerFidelity). The Equal Weight S&P 500 is less than 1% away from joining the new 52-week high club as it attempts to clear its February peak. Jurrien points out that the Equal-Weight index has retraced over two-thirds of its decline as it builds a base within a primary uptrend. Equal-Weight was lagging by a wide margin in the Spring, and it still is. But the fact that it's currently on the verge of new 52-week highs speaks to the breadth expansion we've had in recent months. More and more stocks are participating, and it's not "just a handful of Mega-Caps doing all the work."

Quote of the Day

"All of life is the management of risk, not its elimination."

–Walter Wriston

Top Tweets

Dow Jones Industrials cannot be stopped as it has now traded green for 11 consecutive trading days, the longest winning streak since February 2017 pic.twitter.com/fKzxhTsVy5
— Barchart (@Barchart) July 24, 2023

DJIA up 11 in a row. But just +5% in that span.. def nothing to write home about. pic.twitter.com/mJJI8HTKHK
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) July 24, 2023

Now at 6 days in a row of S&P 500 advancers > decliners.

Haven't made it to 7 since 2019. pic.twitter.com/xIRf2qmN3s
— Willie Delwiche, CMT, CFA (@WillieDelwiche) July 24, 2023

Slight increase last week in net short positioning for large speculators/hedge funds, but still off extreme reached earlier this year (for now) pic.twitter.com/FdMp2JjiLD
— Liz Ann Sonders (@LizAnnSonders) July 24, 2023

European Financials making new 52-week highs is not something you see every day pic.twitter.com/dquwVJFQZ7
— J.C. Parets (@allstarcharts) July 24, 2023

Energy sectors bounce back as fund flows reverse and turn positive. pic.twitter.com/k5symQ04yu

— Andrew Thrasher, CMT (@AndrewThrasher) July 24, 2023

Oil service stocks have shown remarkable resilience in the past couple of weeks 👀 pic.twitter.com/2SKkW6Flrf
— Alfonso De Pablos, CMT (@AlfCharts) July 24, 2023

Is it going to be different this time for crude oil at the 200 day moving average?

So far it is.#oil #OOTT $USO pic.twitter.com/GUHNwKuzFH
— Greg Rieben (@gregrieben) July 24, 2023

What a week for this market to have a one-sided dollar bet.

Institutional investors hold the most bearish dollar bets on record, the latest aggregated CFTC data show. pic.twitter.com/dxuh3VaXPl
— Dani Burger (@daniburgz) July 24, 2023

Update here.

The stock market remains highly correlated with $AAII bears data inverted. $SPX https://t.co/MedVLjhLzz pic.twitter.com/myV5wl7Qsb
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) July 24, 2023

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

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Daily Chart Report 📈 Monday, July 24, 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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