Daily Chart Report π Wednesday, July 26, 2023
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Todayβs Summary
Wednesday, July 26, 2023
Indices: Russell 2000 +0.72% | Dow +0.23% | S&P 500 -0.02% | Nasdaq 100 -0.40%
Sectors: 6 of the 11 sectors closed higher. Communications led, gaining +1.56%. Technology lagged, falling -1.34%.
Commodities: Crude Oil futures fell -1.07% to $78.78 per barrel. Gold futures rose +0.33% to $1,970 per oz.
Currencies: The US Dollar Index fell -0.26% to $101.04.
Crypto: Bitcoin rose +0.75% to $29,444. Ethereum gained +0.91% to $1,875.
Interest Rates: The US 10-year Treasury yield fell to 3.871%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today's Chart of the Day was shared by Grayson Roze (@GraysonRoze). The Dow closed higher for the 13th straight day today, which ties with 1987 as the longest winning streak in the past century. While this is rare and historic, it's more of a fun fact than an actionable signal. The Dow gained +5.3% during this stretch. While that's nothing to scoff at, it's not very momentous for a 13-day thrust. We could tell you the forward returns from the last time 13-day winning streak in 1987, but we're talking about a sample size of one. That being said, the bulls deserve to celebrate, as the Dow is just 3.5% from record closing highs.
Quote of the Day
βThe trend has been established before the news is published.β
β Jamie Saettele
Top Links
1st 8 or 9 Days of August Weaker Pre-Election Years - Almanac Trader
Jeff Hirsch examines how stocks have historically behaved in the first few days of August.
Emerging Markets (EEM) Attempts to Break Out - Bespoke
Bespoke examines the recent strength in Emerging Markets.
Surging Trucks are Driving the Industrial Sector Higher - StockCharts.com
Julius de Kempenaer looks for pockets of strength within the Industrial sector.
What a 12-Day Winning Streak Means for the Dow, Historically - Schaeffer's Investment Research
Rocky White looks at the 12-day winning streak in the Dow (now 13-days).