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Today’s Summary
Thursday, July 22nd, 2021
Indices: US Stocks were mixed in today’s session. The Dow closed pretty flat, inching up just 25 points or 0.07%. The S&P 500 and Nasdaq rose 0.20% and 0.37%, respectively. The Russell 2000 underperformed, falling 1.55%.
Sectors: 6 of the 11 sectors closed higher. Technology led, gaining 0.74%. Energy lagged, falling 1.12%.
Commodities: Crude Oil futures rose 2.29% to $71.91 per barrel. Gold inched higher by just 0.11% to $1,805 per ounce.
Currencies: The US Dollar Index ticked higher by just 0.07%.
Interest Rates: The 10-year US Treasury yield slipped to 1.282%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
I'm not seeing cups, saucers, handles, smiley faces OR frowny faces in small caps…
…I just see a big, long pressure-pump of a range coiling up all while momentum has remained comfortably in a bullish regime.
Call me optimistic, but I think $IWM & $IJR resolve to the upside. pic.twitter.com/YqJErck88S
— Adam D. Koós, CFP®, CMT, CEPA (@AdamKoos) July 22, 2021
Today’s Chart of the Day was shared by Adam Koós (@AdamKoos). It’s a daily candlestick chart of the Russell 2000 ETF, $IWM, over the past 10 months. On Monday, we took a look at the Russell 2000 as it was testing a crucial support level for the fourth time. Fortunately for the bulls, the fourth test was a success! However, even with the strong rebound on Tuesday and Wednesday, $IWM continues to be rangebound between $210 and $234. This four-month range appears to be a healthy consolidation phase, given how strong the prior trend was. Adam adds, that momentum has remained bullish throughout this consolidation, with RSI never reaching oversold conditions. Small-Caps tend to lead the broader market higher or lower. So, it would be a big positive for the broader market if the Russell 2000 does eventually resolve higher out of this consolidation.
Quote of the Day
“Uncertainty is an uncomfortable position. But certainty is an absurd one.”
– Voltaire
Top Links
A Buy Signal That Has Never Failed – SentimenTrader
Jason Goepfert examines a bullish reversal signal that fired this week.
Top Semi Stocks To Watch: TXN, AVGO, AMD, SWKS, QRVO, TSM – TD Ameritrade Network
In this clip, Todd Sohn of Strategas Research highlights a few stocks worth watching in the near term including, $SHOP, $MS, and $TSM.
Breadth is Weak, but We All Know That – Potomac Fund Management
Dan Russo gives an update on market breadth.
Gaining Exposure to Crypto Through the Stock Market – All Star Charts
Louis Sykes highlights some ETFs and stocks that provide exposure to Cryptocurrencies.
Coffee Futures About To Rally Another 25% Higher? – Kimble Charting Solutions
Chris Kimble points out that Coffee is breaking out to a six-year high.
Top Tweets
The S&P 500 closed today just 0.39% below its ATH close from July 12.
— Eddy Elfenbein (@EddyElfenbein) July 22, 2021
From @sentimentrader: breadth thrust reversal while near an ATH is a pretty good sign pic.twitter.com/5vzVidYy1q
— Urban Carmel (@ukarlewitz) July 22, 2021
We have started the clock on the Zweig breadth thrust, with a reading below .4 on Monday. If this gets above .62 within ten trading days = über bullish. If. $SPX $SPY pic.twitter.com/8EzdxCDp1c
— David Keller, CMT (@DKellerCMT) July 22, 2021
$JETS flying into some resistance at the confluence of the falling 50MA and 200MA pic.twitter.com/j5uzunBFFl
— Bailey.Baxter2020 (@BBaxter2020) July 22, 2021
Seems like regional banks had it figured out before rates did ?♂️ $KRE $VTI $TNX $AGG pic.twitter.com/Cv3oZCXpbN
— Drew Wells, CMT, CIMA® (@DrewTheCharts) July 22, 2021
#Commodities close to new multi-year high, nowhere near an all-time high. pic.twitter.com/mBokKxNdbc
— jeroen blokland (@jsblokland) July 22, 2021
A sustained move above 2k would put Ethereum back above its multi-month downtrend line $ETHUSD
This would be a significant early development suggesting a potential trend reversal is underway pic.twitter.com/K0N466SONm
— Steven Strazza (@sstrazza) July 22, 2021
Forget Bitcoin, I prefer Bitcoffee in the form of $JO. pic.twitter.com/imfwlPrpSS
— Gil Morales – The Gilmo Report & VoSI (@gilmoreport) July 22, 2021
Interesting to see both $SBUX and coffee ETN $JO making new multi-year highs today. pic.twitter.com/YxFemj1bz4
— ivanhoff (@ivanhoff2) July 22, 2021
Crocs. Ugly shoes. Not an ugly investment. $CROX pic.twitter.com/mMplUmpVvO
— Greg Rieben (@gregrieben) July 22, 2021
You’re all caught up now. Thanks for reading!