Daily Chart Report 📈 Thursday, July 27, 2023
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Today’s Summary
Thursday, July 27, 2023
Indices: Nasdaq 100 -0.22% | S&P 500 -0.64% | Dow -0.67% | Russell 2000 -1.29%
Sectors: Communications was the only sector that closed higher, gaining +0.84%. Real Estate lagged, dropping -2.11%.
Commodities: Crude Oil futures rose +1.66% to a three-month high of $80.09 per barrel. Gold futures dropped -1.24% to $1,946 per oz.
Currencies: The US Dollar Index rose +0.65% to $101.69.
Crypto: Bitcoin fell -0.46% to $29,219. Ethereum fell -0.60% to $1,861.
Interest Rates: The US 10-year Treasury yield jumped to 4.004%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today's Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). The major indices gapped higher this morning and sold off throughout the session. As a result, their daily candles formed bearish engulfing patterns. Mike points out that the Russell 2000 ($IWM) engulfed the prior seven days worth of price action today. The Russell 2000 was also rejected at this level in August 2022 and February 2023. Today's intraday reversal suggests weakness in the near term. However, daily candlestick patterns have little relevance to the long-term trend.
Quote of the Day
“You can't stop the waves,
but you can learn to surf.”
–Jon Kabat-Zinn
Top Links
Sentiment Staying Bullish - Bespoke
Bespoke breaks down the latest sentiment readings.
Are Tech Stocks Getting A Little Too Bubbly Here? - Kimble Charting Solutions
Chris Kimble examines what could be next for the Nasdaq 100 ($QQQ) and Semiconductors ($SMH).
Banks/Financials - Bart's Charts
James Bartelloni highlights the potential sell patterns and resistance levels in Banks and other Financials.
The Next Bull Market Catalyst - All Star Charts
JC Parets looks at what a retest in the US Dollar Index ($DXY) could mean for stocks.