Daily Chart Report π Monday, July 22, 2024
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Todayβs Summary
Monday, July 22, 2024
Indices: Russell 2000 +1.66% | Nasdaq +1.54% | S&P 500 +1.08% | Dow +0.32%
Sectors: 10 of the 11 sectors closed higher. Technology led, gaining +2.37%. Energy was the only sector that closed lower, falling -0.63%.
Commodities: Crude Oil futures fell -0.31% to $78.40 per barrel. Gold futures fell -0.18% to $2,395 per oz.
Currencies: The US Dollar Index inched lower by β0.07% to $104.30.
Crypto: Bitcoin fell -0.87% to $67,562. Ethereum dropped -2.66% to $3,442.
Volatility: The Volatility Index dropped -9.75% to 14.90.
Interest Rates: The US 10-year Treasury yield rose to 4.254%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Larry Thompson (@HostileCharts).
- The S&P 500 ($SPY) snapped a three-day losing streak today, bouncing +1.08%. Itβs only Monday, but $SPY has already repaired last weekβs technical damage.
- $SPY closed slightly below support at $550 on Friday but reclaimed it today. A round number like $550 is an important psychological hurdle for the market. This level also coincides with the June highs and the 20-day moving average (yellow).
- Larry adds that breadth and momentum look healthy. Three-quarters of its members are above their 20-day moving averages, while RSI is curling higher and holding above 50.
The Takeaway: After its worst week since April, the S&P 500 ($SPY) started this week on a solid note by reclaiming $550 on Monday.
Quote of the Day
βThe one thing that never seems to change is human nature. Science changes, art changes, cities change, governments change, but human nature remains relatively constant.β
β Richard Russell
Top Links
Letβs Simplify This Small Cap Moveβ¦ β Jotting On Charts
Grant Hawkridge breaks down the recent rebound in Small Caps.
We Buy Stocks in Bull Markets β All Star Charts
JC Parets looks at the breadth expansion in the market.
Energetic About Energy β Hostile Charts
Larry Thompson examines the outlook for the Energy sector.
Todd Sohn at the NYSE β Strategas Asset Management
Todd Sohn shares his thoughts on the ETF market and more.
A Study in Smallcaps β MurphyCharts
Shane Murphy highlights the recent outperformance from Small Caps.