Daily Chart Report π Monday, July 8, 2024
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Todayβs Summary
Monday, July 8, 2024
Indices: Russell 2000 +0.59% | Nasdaq +0.23% | S&P 500 +0.10% | Dow -0.08%
Sectors: 6 of the 11 sectors closed higher. Technology led, gaining +0.68%. Communications lagged, falling -0.90%.
Commodities: Crude Oil futures fell -1.00% to $82.33 per barrel. Gold futures dropped -1.43% to $2,364 per oz.
Currencies: The US Dollar Index rose +0.13% to $105.01.
Crypto: Bitcoin rose +1.58% to $56,710. Ethereum rose +2.99% to $3,018.
Volatility: The Volatility Index fell -0.88% to 12.36.
Interest Rates: The US 10-year Treasury yield was unchanged at 4.282%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by David Cox (@DavidCoxRJ).
- Silver futures rose +7.20% last week, closing at an 11-year high of $31.70 per ounce.
- Gold fever has died down over the past two months as Gold and Silver have been correcting. Both metals peaked on May 20th before pulling back -5.1% and -11%, respectively.
- While the crowd has moved on to the newest shiny object (Mega-Cap Tech), David reminds us that Silver has outperformed the red-hot Nasdaq year-to-date (+30% vs. +21.5%). After an -11% correction, Silver looks ready to resume its multi-year breakout.
The takeaway: Silver is recovering from a healthy correction within a multi-year breakout. All-time highs are within reach over the next year, implying over +50% potential upside.
Quote of the Day
βThe point of investing, after all, is not to have a great story to tell; the point of investing is to make money with limited risk.β
β Seth Klarman
Top Links
The Monday Morning Playbook: Week of July 8, 2024 - Brown Technical Insights
Scott Brown highlights the most important areas to watch this week.
July Strategy Session: 3 Key Takeaways - All Star Charts
The team at All Star Charts outlines some of the key themes to watch this month.
The Chart to Help Navigate a Summer Market Top - StockCharts
David Keller breaks down the summer outlook for the S&P 500.
Summer Doldrums Have Arrived - Market Volume Likely to Contininue Fading - Almanac Trader
Jeff Hirsch looks at the typical summertime trading lull.
RenMac Legends: A Conversation with Walter Deemer - Renaissance Macro Research
Walter Deemer and Jeff deGraaf discuss the current market environment, sentiment, and more.