Daily Chart Report π Wednesday, July 10, 2024
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Todayβs Summary
Wednesday, July 10, 2024
Indices: Russell 2000 +1.10% | Nasdaq +1.09% | Dow +1.09% | S&P 500 +1.02%
Sectors: All 11 sectors closed higher. Technology led, gaining +1.45%. Financials lagged but still rose +0.38%.
Commodities: Crude Oil futures rose +0.85% to $82.10 per barrel. Gold futures rose +0.50% to $2,380 per oz.
Currencies: The US Dollar Index fell -0.13% to $104.98.
Crypto: Bitcoin fell -0.52% to $57,733. Ethereum rose +1.17% to $3,103.
Volatility: The Volatility Index rose +2.72% to 12.84.
Interest Rates: The US 10-year Treasury yield fell to 4.288%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Grayson Roze (@GraysonRoze).
- Homebuilders and semiconductors led us into the bull market last year. While everyone was worried about a recession, these economically sensitive groups were hitting new highs, suggesting the economy was fine. However, the homies are currently at a critical juncture after stalling all year.
- The Home Construction ETF ($ITB) has spent the past week testing the neckline of a six-month Head & Shoulders Top, around $97. Grayson points out that this level coincides with its rising 200-DMA.
- Breaking this confluence of support would signal further downside for $ITB and the broader market. On the other hand, if bears canβt break the homies here, we could see a sharp rebound, as this would mark a Failed Top.
The takeaway: Homebuilders ($ITB) are testing the neckline of a six-month topping pattern, but if this bearish pattern fails, it will likely be bullish for $ITB and the broader market.
Quote of the Day
"Markets trend only about 15% of the time; the rest of the time they move sideways."
β Paul Tudor Jones
Top Links
When to Expect S&P 500 Underperformance - Schaeffer's Investment Research
Rocky White examines how the S&P 500 has historically performed after reaching various RSI levels.
Stock Market Analysis July 10, 2024 - Alphatrends
Brian Shannon breaks down recent price action and some key levels to watch in the near term.
No, Itβs NOT just Large-cap Tech - All Star Charts
JC Parets points out that Small-Cap Tech ($PSCT) is shaping up for a potential leg higher.
Soaring NASDAQ Approaching End of Midyear Rally - Almanac Trader
Jeff Hirsch points out that a seasonal tailwind will end in a few days.