A Break from Bleeding Higher ๐ The Daily Chart Report
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Todayโs Summary
Thursday, July 7, 2025
Indices: S&P 500 -0.79% | Nasdaq -0.79% | Dow -0.94% | Russell 2000 -1.55%
Sectors: Utilities was the only sector that closed higher, rising +0.21%. Consumer Discretionary lagged, falling 1.27%.
Commodities: Crude Oil gained +1.39% to $67.93 per barrel. Gold was unchanged at $3,343 per oz.
Currencies: The US Dollar Index rose +0.55% to $97.52.
Crypto: Bitcoin is currently down -0.94% at $108,205. Ethereum is down -1.11% at $2,542.
Volatility: The Volatility Index rose +1.77% to 17.80.
Interest Rates: The US 10-year Treasury rose for the fourth consecutive day, closing at 4.383%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Today's Chart of the Day was shared by @WallStWingman.
- The Software ETF ($IGV) had an inside day to start the week after breaking out to record highs on Friday. Despite falling -0.5% today, Wingman notes that $IGV is holding above the breakout level at $110.
- $IGV fell nearly -30% from December to April, but the rebound was even sharper than the decline. It's now emerging from an eight-month base within a strong long-term uptrend.
- Software is the second-largest industry group within the S&P 500, trailing behind Semiconductors. The top five holdings in $IGV include: $ORCL, $MSFT, $PLTR, $CRM, and $INTU.
The Takeaway: The Software ETF ($IGV) is emerging from an eight-month base within a solid long-term uptrend. If $110 continues to hold, $IGV could make a new leg higher and lift the broader market with it. However, if this breakout fails, it will be a potential red flag.
Quote of the Day
โCharts donโt give answers; they raise questions. Inferences are drawn when enough questions point in the same direction.โ
- Mark Ungewitter
Top Links
Strong Code, Strong Market - Alfonso's Daily Note
Alfonso De Pablos examines the breakout in the Software ETF ($IGV).
Short-Term Tired, Long-Term Wired - Duality Research
Duality Research looks at a few noteworthy developments for stocks.
Whatโs Working - The Strazza Letter
Steve Strazza highlights the recent trends and themes in the market.
Overbought and Just Getting Started ๐ฅ - The Daily Number
Grant Hawkridge checks on the improvements in market breadth.
A View from the Floor with Jay Woods, CMT - Freedom Capital Markets
Jay Woods breaks down a few key things to watch this week.