Tuesday, July 7th, 2020
Indices: US Stocks closed lower in today’s session with the Dow Jones Industrial Average retreating 397 points or 1.51%. The S&P 500 and Nasdaq both snapped 5-day winning streaks, falling 1.08%, and 0.86%, respectively. Small-caps underperformed, with the Russell 2000 dropping 1.86%.
Sectors: 9 of the 11 sectors closed lower. Consumer Staples was the clear leader, gaining 0.91%. Energy lagged, falling 3.18%.
Commodities: Crude Oil futures were flat and continue to trade at $40.62 per barrel. Gold futures moved higher by 0.91% to $1,810.
Currencies: The US Dollar Index rose 0.21%.
Interest Rates: The US 10-year Treasury yield fell to 0.641%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Our "keep it simple stupid" approach towards Precious Metals continues to work.
If it ain't broke don't fix it.
— Tom Bruni, CMT (@BruniCharting) July 7, 2020
Today’s Chart of the Day was shared on Twitter by Tom Bruni (@BruniCharting). It’s a daily candlestick chart of Silver Futures over the past year. Gold has stolen the spotlight in recent weeks, but perhaps Silver is the metal we should be watching in the near-term. Tom points out that Silver Futures are currently testing a crucial resistance level around $19 per ounce. Price has tested and failed at this level four times in the past year. Will the fifth time be the charm? In a comment to The Chart Report, Tom explained, “In addition to acting as short-term resistance, $19 has served as support/resistance since 2013, so a move above it would confirm the same type of structural breakout we saw in Gold last summer.” As we know, Silver is perceived as risker and more aggressive than Gold. Gold Bugs want to see Silver join the party by breaking above $19, as this would demonstrate risk appetite for Precious Metals as a whole.
Quote of the Day
“Know how to listen, and you will profit even from those who talk badly.”
Put These Charts on Your Wall…2020 Edition – Compound
Charlie Bilello shares several charts that will make you think twice before saying the market “can’t” do this, or the market “has to” to that.
There is No S&P Index Anymore. It’s Just a Few Names – CNBC
In this clip, Carter Worth of Cornerstone Macro, discusses the massive bifurcation going on in the stock market right now.
Here’s Why QQQ and Large Cap Tech Stock May Rally Another 10% – Kimble Charting Solutions
Chris Kimble explains why he thinks the Nasdaq has 10% of further upside potential before it runs into resistance at a key Fibonacci level.
Up and Down – The Irrelevant Investor
Michael Batnick of Ritholtz Wealth Management weighs-in on the S&P 500’s recent winning streak.
Island Bottom, Momentum and Buffett – StockCharts.com
Michele Schneider takes a look at a potential reversal brewing in Natural Gas.
— Greg Harmon (@harmongreg) July 7, 2020
— ukarlewitz (@ukarlewitz) July 6, 2020
5 largest stocks in S&P 500 continue to dominate & are up 33% YTD while both broader index & Russell 2000 remain in negative territory
[Past performance is no guarantee of future results] pic.twitter.com/vv3btoN7lV
— Liz Ann Sonders (@LizAnnSonders) July 7, 2020
Make that 23 years the average stock has been flat.
— Ryan Detrick, CMT (@RyanDetrick) July 7, 2020
8.5% of S&P 500 stocks made a new 6-month high yesterday, the highest figure since before the March decline and exceeding the prior June high pic.twitter.com/igMcINRfNF
— Andrew Thrasher, CMT (@AndrewThrasher) July 7, 2020
50 day sma of $CPCE at 0.542.
Rare, very rare. pic.twitter.com/vD5OXrPyEy
— Steve Deppe, CMT (@SJD10304) July 7, 2020
— ATMGreenEnergyCharts (@ATMcharts) July 7, 2020
Follow up on the Lumber chart posted 2+ weeks ago: new contract highs. pic.twitter.com/1iLXVrCHxT
— Linda Raschke (@LindaRaschke) July 7, 2020
China A-Shares are one of those markets that's either ON or OFF. And someone has just flicked the switch ON. https://t.co/icAKd1AJwW
— Callum Thomas (@Callum_Thomas) July 6, 2020
— BostonCharts (@bostonchaahhts) July 7, 2020