Daily Chart Report π Friday, July 19, 2024
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Todayβs Summary
Friday, July 19, 2024
Indices: Russell 2000 -0.63% | S&P 500 -0.71% | Nasdaq 100 -0.93% | Dow -0.93%
Sectors: 2 of the 11 sectors closed higher. Health Care led, gaining +0.51%. Technology lagged, falling -1.56%.
Commodities: Crude Oil futures dropped -3.27% to $78.64 per barrel. Gold futures dropped -2.33% to $2,399 per oz.
Currencies: The US Dollar Index rose +0.18% to $104.37.
Crypto: Bitcoin gained +4.29% to $66,705. Ethereum rose +2.36% to $3,506.
Volatility: The Volatility Index rose +3.71% to 16.51.
Interest Rates: The US 10-year Treasury yield rose to 4.241%.
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 Caleb Franzen (@CalebFranzen).
- Small Caps pared their gains from earlier in the week after breaking out to a two-year high on Monday. The Russell 2000 was up as much as +6%, but it finished the week up +1.67%.
- It has pulled back -3.5% (closing basis) over the past three days, which is mild considering the historic momentum that preceded it. The index surged +11.5% in just five days, and RSI reached its most overbought level since 2017.
- Caleb points out that successfully retesting the breakout level (around 2100) would be healthy. On the other hand, violating 2100 would invalidate this weekβs breakout for Small Caps.
The Takeaway: The momentous breakout in Small Caps fizzled out throughout the week, with the Russell 2000 giving back over half of its intraweek gains. This has been a healthy pullback, but violating 2100 would be unhealthy.
Quote of the Day
"Successful investing is about having people agree with you... later."
β James Grant
Top Links
Stock Market Analysis July 19 2024 - Alphatrends
Brian Shannon breaks down this week's price action and key levels for next week.
Itβs Time to Buy the Bios - All Star Charts
The team at All Star Charts examines the outlook for Biotech stocks.
Copper Price Peak Signal Suggests Lower Interest Rates Ahead, Says Joe Friday - Kimble Charting Solutions
Chris Kimble looks at Copper and the 10-year Treasury Yield.
Small Caps Rip - The Compound
Todd Sohn joins Josh Brown and Michael Batnick to discuss Small Caps, Semis, ETFs, and more.