Daily Chart Report π Monday, July 15, 2024
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Todayβs Summary
Monday, July 15, 2024
Indices: Russell 2000 +1.80% | Dow +0.53% | S&P 500 +0.28% | Nasdaq +0.27%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +1.51%. Utilities lagged, falling -2.43%.
Commodities: Crude Oil futures fell -0.36% to $81.91 per barrel. Gold futures rose +0.34% to $2,429 per oz.
Currencies: The US Dollar Index gained +0.16% to $104.25.
Crypto: Bitcoin jumped +6.49% to $64,769. Ethereum jumped +7.39% to $3,486.
Volatility: The Volatility Index rose +5.46% to 13.13.
Interest Rates: The US 10-year Treasury yield rose to 4.233%
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Steve Strazza (@sstrazza).
- Crypto markets firmed up over the weekend as some of the top coins reclaimed broken support. The four largest ($BTC, $ETH, $BNB, $SOL) formed potential tops in Q2, but Steve points out these tops are failing.
- On Friday, Bitcoin reclaimed support at $58k, marking a Failed Breakdown. Since then, it's been on a four-day winning streak, gaining +12%.
- The Crypto market got a little frothy in Q1. Bitcoin had just broken out to record highs, Halving was around the corner, and the dumbest meme coins were surging higher. This four-month consolidation has shaken out the weak hands and refreshed sentiment.
The Takeaway: The Crypto markets trapped the bears over the weekend. Some of the most important coins are resolving higher despite forming potential tops in Q2. When bearish patterns fail, it's often bullish.
Quote of the Day
"Man can succeed at almost anything for which he has unlimited enthusiasm."
β Charles Schwab
Top Links
Soaring NASDAQ Approaching End of Midyear Rally - Almanac Trader
Jeff Hirsch points out that the Nasdaq's seasonal tailwind is ending soon.
It's Time To Consider These Areas As Emerging Leaders - StockCharts.com
Tom Bowley looks at the turnaround in the Russell 2000 and Regional Banks.
Are Semiconductor Stocks Nearing An Inflection Point? - Kimble Charting Solutions
Chris Kimble points out that Semis are running into Fibonacci resistance.
July 2024 Mid-Month Conference Call - All Star Charts
JCβs mid-month strategy session was last night for members of All Star Charts Premium. He reviewed over 100 charts. Click here to get access.
6 Charts in 60 Seconds | Clean Setups in Dirty Stocks - HostileCharts
Larry Thompson highlights six under-the-radar stocks with favorable risk/reward.