Daily Chart Report πŸ“ˆ Wednesday, July 17, 2024

Patrick Dunuwila
July 17, 2024

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Today’s Summary
Wednesday, July 17, 2024

Indices: Dow +0.59% | Russell 200 -1.06% | S&P 500 -1.39% | Nasdaq 100 -2.94%

Sectors: 6 of the 11 sectors closed higher. Consumer Staples led, gaining +1.29%. Tech lagged by a wide margin, dropping -3.89%.

Commodities: Crude Oil futures gained +2.59% to $82.85 per barrel. Gold futures fell -0.32% to $2,460 per oz.

Currencies: The US Dollar Index dropped -0.48% to a four-month low of $103.74.

Crypto: Bitcoin fell -1.52% to $64,091. Ethereum fell -1.65% to $3,3.88.

Volatility: The Volatility Index jumped +9.62% to 14.47.

Interest Rates: The US 10-year Treasury yield was unchanged at 4.159%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

πŸ†  Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life).

  • The S&P 500 dropped -1.39% from a record high today, marking its first -1% decline since April 30th. Ian points out that the S&P 500 has reached the 161.8% Fibonacci extension of the bear market drawdown.
  • This natural resistance level is around 5,600. Within the past week, the Nasdaq and Semiconductors have also reached their Fibonacci targets.
  • This is really the first significant resistance level the index has encountered since breaking out seven months ago. This doesn’t mean the bull market is over, but after rallying +14% in just three months, this would be a logical place for a pause, pullback, consolidation, or correction.

The Takeaway: The S&P 500 has arrived at the 161.8% Fibonacci extension of the bear market decline, around 5,600. This is a natural spot for Large Caps to digest their recent gains.

Quote of the Day

β€œThe best profits in the stock market are made by people who get long or short at extremes and stay for months or years before they take their profit.”

– Charles Dow

Top Links

July Monthly Options Expiration Week - NASDAQ Down 6 Straight - Almanac Trader
Jeff Hirsch points out that Nasdaq seasonality is shifting from bullish to bearish.

7 Reasons the Times Are A-Changin’ for Small Caps - Carson Research
Ryan Detrick examines the outlook for Small Caps after their recent rally.

Market Internals Hit New Highs - All Star Charts
JC Parets looks at the recent expansion in new highs.

What to Expect From Recent RUT Outperformance - Schaeffer's Investment Research
Rocky While looks at how the S&P 500 has historically performed after Small Caps outpeform.

Top Tweets

You’re all caught up now. Thanks for reading!

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