Daily Chart Report π Wednesday, July 31, 2024
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Todayβs Summary
Wednesday, July 31, 2024
Indices: Nasdaq +3.01% | S&P 500 +1.58% | Russell 2000 +0.51% | Dow +0.24%
Sectors: 7 of the 11 sectors closed higher. Technology led, gaining +4.24%. Health Care lagged, dropping -0.37%.
Commodities: Crude Oil futures rose +4.26% to $77.91 per barrel. Gold futures rose +0.86% to an all-time high of $2,473 per oz.
Currencies: The US Dollar Index dropped -0.42% to $104.02.
Crypto: Bitcoin dropped -2.36% to $64,612. Ethereum fell -1.45% to $3,231.
Volatility: The Volatility Index dropped -7.41% to 16.37.
Interest Rates: The US 10-year Treasury yield dropped to a five-month low of 4.033%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Grayson Roze (@GraysonRoze).
- The Semiconductor ETF ($SMH) closed higher by +7.63% today, marking the best day since $NVDAβs famous earnings report in May 2023, which effectively kicked off the βA.I. Rally.β
- Semis are still the best-performing industry group this year. $SMH is up +41.2% YTD despite pulling back as much as -18% over the past three weeks.
- $SMH reclaimed the March highs today, around $235, and the trend remains unequivocally higher. After a healthy correction, todayβs thrust may have reignited the uptrend.
The Takeaway: Semis ($SMH) had their best day since $NVDA broke out in May 2023. Todayβs thrust could mark the
Quote of the Day
βStock moves start with technicals,
are confirmed by fundamentals,
and end with emotion.β
βDarren Chabot
Top Links
Underneath Dow Theory and the Lagging Transportation Index - Schaeffer's Investment Research
Rocky White examines the data behind Dow Theory.
Semiconductors Are Down: Is Now the Time to Buy SMH? - StockCharts
Karl Montevirgen breaks down the technical outlook for Semis after their recent correction.
August 2024 S&P 500 Outlook: What Lies Ahead? - Market Misbehavior
David Keller highlights a few potential paths for the S&P 500 in August.
S&P 500 Down 10 of Last 13 on August's First Trading Day - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed on the first trading day in August (tomorrow).
Top Tweets