Daily Chart Report 📈 Friday, July 28, 2023
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Today’s Summary
Friday, July 28, 2023
Indices: Nasdaq +1.85% | Russell 2000 +1.36% | S&P 500 +0.99% | Dow +0.50%
Sectors: 9 of the 11 sectors closed higher. Communications led for the third straight day, gaining +1.97%. Real Estate lagged, falling -0.29%.
Commodities: Crude Oil futures rose +0.61% to a three-month high of $80.58 per barrel. Gold futures gained +0.65% to $1,998 per oz.
Currencies: The US Dollar Index was unchanged and continues to trade at $101.70.
Crypto: Bitcoin rose +0.30% to $29,308. Ethereum gained +0.82% to $1,876.
Interest Rates: The US 10-year Treasury yield dropped to 3.953%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Brian G. (@alphacharts). Stocks failed to follow through to the downside after yesterday’s reversal. They ripped higher instead, with the S&P 500 and Nasdaq having their best day this month. To quote the legendary Walter Deemer, “When the market doesn’t do something it ‘should’ do, it usually means that the underlying trend is unusually powerful.” It’s easy to get chopped up in the day-to-day price action, but Brian reminds us to Zoom out and focus on the trend. Price is removed from the chart, or rather, smoothed by a 50-day average to emphasize the steady uptrend that has been in place in the Nasdaq 100 ($QQQ) this year. It really is this simple sometimes, although simple ≠ easy.
Quote of the Day
“The fact is that significant market trends develop over a period of months not days."
–Richard Russell
Top Links
Stock Market Analysis July 28 2023 - AlphaTrends
Brian Shannon breaks down this week's price action and highlights some key levels to watch next week.
Four Charts Showing Why it's Not Just a Mega Cap Story - LPL Financial Research
Adam Turnquist points out that market internals have meaningfully improved.
ARKK, XLF, JETS, TNX: Technical Trends For ETFs & Yields - TD Ameritrade Network
Frank Cappelleri offers his perspective on several key areas of the market.
Checking in on Energy Prices - Grindstone Intelligence
Austin Harrison looks at the resurgence in Energy stocks, Crude Oil, and Gasoline.
When In Doubt, Zoom Out - The Compound and Friends
JC Parets joins Josh Brown and Michael Batnick to discuss some of the most important charts and more.
Top Tweets
$SPX - Monthly candle looks bullish with 1 more day to go. pic.twitter.com/57XIKnGBOv
— ChartingCycles (@ChartingCycles) July 28, 2023