Daily Chart Report ๐ Tuesday, July 16, 2024
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Todayโs Summary
Tuesday, July 16, 2024
Indices: Russell 2000 +3.50% | Dow +1.85% | S&P 500 +0.64% | Nasdaq +0.06%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +1.51%. Utilities lagged, falling -2.43%.
Commodities: Crude Oil futures fell -1.40% to $80.76 per barrel. Gold futures rose +1.60% to an all-time high of $2,468 per oz.
Currencies: The US Dollar Index was unchanged at $104.24.
Crypto: Bitcoin rose +0.48% to $65,081. Ethereum fell -1.19% to $3,444.
Volatility: The Volatility Index rose +0.53% to 13.20.
Interest Rates: The US 10-year Treasury yield dropped to a four-month low of 4.160%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Bespoke (@bespokeinvest).
- The Russell 2000 gained another +3.5% today after gapping higher for the fifth consecutive day. This Small Cap index has added a whopping +11.5% since last Tuesday, marking the best five-day rally since April 2020.
- Bespoke points out that the Russell is 4.4 standard deviations above its 50-day moving average. None of the major indices have done this before (Dow, S&P, Nasdaq).
- The Russell is due for pause or pullback in the coming days, but this move was very constructive. The index could even reach all-time highs by year-end. It would need to gain +8% over the next five months, but that's nothing considering the +11.5% rally over the past five days.
The Takeaway: The Russell 2000 is significantly extended after a historic five-day run, but all-time highs are suddenly within reach by year-end.
Quote of the Day
โIf you want to be lucky, do your homework.โ
โ Jim Rogers
Top Links
Big Gains for Small Caps - LPL Financial Research
Adam Turnquist looks at the sharp rebound in Small-Caps over the past week.
This is Mid-Cycle Market Behavior - All Star Charts
JC Parets shares his thoughts on the recent expansion in the market.
Small and Mid Caps 'Will Lead Second Half of the Year,' Says Carson Group's Ryan Detrick - CNBC
Ryan Detrick offers his outlook on stocks in the back half of the year.
Two Uptrends - Capp Thesis
Frank Cappelleri examines the recent patterns and price action in the S&P 500.