Daily Chart Report 📈 Thursday, July 11, 2024
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Today’s Summary
Thursday, July 11, 2024
Indices: Russell +3.57%| Dow +0.08%| S&P 500 -0.88% | Nasdaq -2.24%
Sectors: 7 of the11 sectors closed higher. Real Estate led, gaining +2.66%. Tech lagged dropping -2.50%.
Commodities: Crude Oil futures rose +0.63% to $82.62 per barrel. Gold futures rose +1.77% to $2,422 per oz.
Currencies: The US Dollar Index dropped -0.46%to $104.50.
Crypto: Bitcoin fell -0.67%to $57,348. Ethereum was flat (-0.13%) at $3,099.
Volatility: The Volatility Index rose +0.55% to 12.91.
Interest Rates: The US 10-year Treasury yield dropped to 4.214%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi).
- Today was a tale of two markets as Small Caps and Large Caps aggressively moved in opposite directions.
- The Russell 2000 ($IWM) had its best day since October, rising +3.57%, while the Nasdaq 100 ($QQQ) had its worst day since October, dropping -2.24% from a record high after rising for seven consecutive days.
- Mike points out that $IWM outperformed $QQQ by nearly +6% today, marking the widest spread in more than two decades. This ratio reached an all-time low yesterday, but today’s historic outperformance suggests a potential reversal.
The Takeaway: The Russell 2000 ($IWM) outperformed the Nasdaq ($QQQ) by the widest margin since 2001 today. This could start a healthy rotation into Small Caps as the Nasdaq digests its recent gains.
Quote of the Day
“Rotation is the lifeblood of any bull market.”
– Ralph Acampora
Top Links
Market Performance Remains a Tale of Haves and Have-Nots – LPL Financial Research
Adam Turnquist examines the disparity between Mega-Caps and the rest of the market.
S&P 500 Analysis: Is the Rare Streak of Low SPX Volatility Ending? – Forex.com
Matt Weller looks at the lack of volatility in the S&P 500.
Where’s the Bad News? – Capp Thesis
Frank Cappelleri breaks down the recent patterns and price action in the S&P 500.
Bonds Are Ready to Rip – All Star Charts
Ian Culley points out that bonds are setting for further upside.
Top Tweets
You’re all caught up now. Thanks for reading!