Daily Chart Report 📈 Monday, July 29, 2024

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Today’s Summary
Monday, July 29, 2024

Indices: Nasdaq +0.19% | S&P 500 +0.08% | Dow -0.12% | Russell 2000 -1.09%

Sectors: 7 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.67%. Energy lagged, falling -0.86%.

Commodities: Crude Oil futures fell -1.75% to $75.81 per barrel. Gold futures inched lower by -0.13% to $2,378 per oz.

Currencies: The US Dollar Index rose +0.23% to $104.57.

Crypto: Bitcoin fell -2.17% to $66,780. Ethereum rose +1.44% to $3,319.

Volatility: The Volatility Index rose +1.28% to 16.59.

Interest Rates: The US 10-year Treasury yield fell to 4.176%.

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

Chart of the Day

🏆 Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso).

• The Nasdaq led today for a change, closing higher by just +0.19%. In less than three weeks, it has pulled back as much as -9% on a closing basis.

• Using an hourly candlestick chart of Nasdaq 100 futures since the recent peak, Yuriy points out that price has coiled into a tight triangle pattern over the past three sessions. Pressure is building for an explosive move, or resolution, as it reaches the apex.

• Triangles “should” resolve in the direction of the underlying trend, which in this case is lower. However, resolving higher would indicate a reversal in the short-term downtrend and potentially end the recent pullback.

The Takeaway: The Nasdaq has coiled into a triangle pattern within a short-term downtrend. This triangle "should" resolve lower, but resolving higher would break the short-term downtrend and perhaps end the recent pullback.

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