Daily Chart Report π Tuesday, July 9, 2024
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Todayβs Summary
Tuesday, July 9, 2024
Indices: S&P 500 +0.07% | Nasdaq +0.07% | Dow -0.13% | Russell 2000 -0.45%
Sectors: 6 of the 11 sectors closed higher. Financials led, gaining +0.77%. Materials lagged, falling -1.02%.
Commodities: Crude Oil futures fell -1.12% to $81.41 per barrel. Gold futures rose +0.19% to $2,368 per oz.
Currencies: The US Dollar Index rose +0.10% to $105.12.
Crypto: Bitcoin rose +2.33% to $58,033. Ethereum rose +1.59% to $3,067.
Volatility: The Volatility Index rose +1.13% to 12.50.
Interest Rates: The US 10-year Treasury yield was rose to 4.300%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by David Wrath (@DJwrath).
- The Emerging Markets ETF ($EEM) closed at a two-year high today after clearing the May peak.
- $EEM initially broke out to new 52-week highs in early May, but it peaked two weeks later.
- After a minor pullback and a successful retest of its 50-DMA (blue), $EEM is resolving higher from a two-month base.
The takeaway: Emerging Markets ($EEM) have persistently underperformed US Stocks over the past decade. But theyβve finally joined the bull market, and the path of least resistance for $EEM is higher in the near term.
Quote of the Day
"Fortunes are made every year by those who take the time to learn to interpret charts properly."
β William J. O`Neil
Top Links
The Plight of the Largest 7 - Ned Davis Research
NDR points out that it hasn't historically paid to overweight the top seven stocks in the S&P 500.
Attention Stock Market Bulls: Track This Commodity Currency - All Star Charts
Ian Culley looks at the New Zealand Dollar and what it could mean for stocks in Q3.
Silver's AI Boom: The Next Big Trade You Need to Know About - StockCharts
Karl Montevirgen examines the breakout in Silver prices.
What Disinflation Truly Means for the Market: Stocks in Translation - Yahoo Finance
Jay Woods shares his thoughts on the current market environment.