Daily Chart Report ๐ Friday, July 26, 2024
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Todayโs Summary
Friday, July 26, 2024
Indices: Russell 2000 +1.67% | Dow +1.64% | S&P 500 +1.11% | Nasdaq +1.03%
Sectors: All 11 sectors closed higher. Communications led, gaining +1.87%. Energy lagged, but still rose +0.32%.
Commodities: Crude Oil futures fell -1.43% to $77.16 per barrel. Gold futures rose +1.17% to $2,381 per oz.
Currencies: The US Dollar Index inched lower by โ0.07% to $104.33.
Crypto: Bitcoin gained +3.23% to $65,704. Ethereum rose +3.19% to $3,275.
Volatility: The Volatility Index dropped -11.32% to 16.38.
Interest Rates: The US 10-year Treasury yield dropped to 4.194%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Barchart (@Barchart).
- The Russell 2000 ($IWM) closed higher for the third consecutive week, gaining +3.4%. $IWM is up +11.6% during this period, marking its best three-week rally since November 2020.
- Its relative performance has been even more notable. $IWM has outperformed $SPY by +13.7% over the past three weeks, marking its best three-week outperformance ever!
- As dramatic as itโs already been, this rotation is likely in its infancy. Barchart points out that the relative trend ($IWM/$SPY) violently broke a 3ยฝ-year downtrend line this week. Thereโs plenty of room for this to continue, considering itโs bouncing off a 24-year low.
The Takeaway: The Russell 2000 closed higher and outperformed for the third consecutive week. The relative trend broke a 3ยฝ-year downtrend line, setting us up for a Small-Cap Summer.
Quote of the Day
โI think the best rule for me personally, is that if I feel a little unsafe where Iโm going, then Iโm going in the right direction. If Iโm feeling comfortable with what Iโm doing, somethingโs wrong.โ
โ David Bowie
Top Links
Stock Market Analysis July 26 2024 - AlphaTrends
Brian Shannon breaks down this week's price action and some key levels for next week.
Sell Puts When You Can - All Star Charts
JC Parets looks at the breakout in Berkshire Hathaway ($BRKB).
Flying Financials. Will It Be Enough? - StockCharts
Julius de Kempenaer looks at recent sector rotation within the S&P 500.
Mean Reversion Correction Sets Up #1 NASDAQ Month in Election Years - Alamanc Trader
Jeff Hirsch points out that August has historically be the best month for the NASDAQ in election years.