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Today’s Summary
Wednesday, July 27th, 2022
Indices: Nasdaq 100 +4.26% | S&P 500 +2.62% | Russell 2000 +2.39% | Dow +1.37%
Sectors: All 11 sectors closed higher. Technology led, jumping +4.30%. Utilities lagged but still inched higher by +0.08%.
Commodities: Crude Oil futures rose +2.40% to $97.26 per barrel. Gold futures inched higher by +0.08% to $1,719 per ounce.
Currencies: The US Dollar Index dropped -0.69%.
Crypto: Bitcoin gained +7.22% to $22,795. Ethereum jumped +12.30% to $1,628.
Interest Rates: The US 10-year Treasury yield fell to 2.781%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Even with today's move higher (pre-Fed), only $AAPL is showing anything positive. The rest are still consolidating within downtrends (at least for now).$MSFT $AAPL $AMZN $GOOG #FederalReserve pic.twitter.com/26IV45FyPZ
— Jim Denholm, CMT (@denholm_jim) July 27, 2022
Today’s Chart of the Day was shared by Jim Denholm (@denholm_jim). The chart pack shows four of the five largest stocks in the S&P 500 and Nasdaq year-to-date. Despite the recent bounce, Jim points out that some of the largest stocks are still just consolidating within downtrends. $AAPL is holding up better than the rest, considering it’s the only one that is above its Q1 lows. The other three are down more than 20% from their highs and have been rangebound all Summer. $MSFT and $GOOG already reported earnings, but $AAPL and $AMZN report tomorrow. Even after today’s massive rebound, some of the largest stocks are in need of further repair.
Quote of the Day
“A trading philosophy is something that cannot just be transferred from one person to another; it’s something that you have to acquire yourself through time and effort.”
– Richard Driehaus
Top Links
What Copper Crash Means for Broader Market – Schaeffer’s Investment Research
Rocky White points out that Dr. Copper isn’t as good at predicting the S&P 500 as most think.
Most Countries Remains Below Pre-Covid Highs – Bespoke
Bespoke shows that a majority of Country ETFs are trading below their pre-Covid highs.
Bull-Market Rebirth or Head Fake? These Five Indicators Will Give the Green Light for a Sustained Rise in Stock Prices – MarketWatch
Willie Delwiche outlines five things he’s watching for confirmation of a new bull market.
Fairlead Strategies’ Stockon on Crypto Markets – Bloomberg
In this clip, Katie Stockon shares her outlook on Bitcoin and Ethereum.
Top Tweets
Final heat map of the S&P 500's performance from today pic.twitter.com/5jxykDNTf6
— Stock Market News (@StockMKTNewz) July 27, 2022
$QQQ +4.20%
Best day since Nov 2020 pic.twitter.com/fA5hADUKUu— Mike Zaccardi, CFA, CMT (@MikeZaccardi) July 27, 2022
NDX: +4.26% tonight
Below all 124 cases above 4.2%
Hardly a bull market feature
(And now, back to hols) pic.twitter.com/yi0E4ntx56— Barnabe (@BarnabeBearBull) July 27, 2022
S&P 500 reaction the day of and the day after a rate hike in 2022:
3/16: +2.24%
5/04: +2.99%
6/15: +1.46%
7/27: +2.62%The next trading day:
3/17: +1.23%
5/05: -3.56%
6/16: -3.25%What will tomorrow, 7/28, bring?$SPX pic.twitter.com/D0an0GWQ6p
— Chris Perruna (@cperruna) July 27, 2022
Hey we had a Phil D Gap print in $SPX pic.twitter.com/9Qo5ZAfaon
— Tom Hearden (@followtheh) July 27, 2022
Hello Dr Phil the GAP…and with style on higher lows and higher highs! pic.twitter.com/N3gNDCJgzf
— conradseric, CMT, CAIA, CEFA (@conradseric) July 27, 2022
$NDX – key chart right now pic.twitter.com/h4knLegrOt
— JasonLeavitt (@JasonLeavitt) July 27, 2022
Key levels I am watching…
Key levels that need to hold…
Below these levels, I would expect the market to get more ugly…$VLG $IWM $ACWI $XLF pic.twitter.com/45VW3G1F9W
— Grant Hawkridge (@granthawkridge) July 27, 2022
Unanimous Fed decision. 75bp. Yes, they note some economic softening but emphasize the strong labor market. A benchmark U.S. yield curve inverts further: pic.twitter.com/KMb99ZlZhZ
— Lisa Abramowicz (@lisaabramowicz1) July 27, 2022
There's currently four country ETFs that are positive YTD: Chile, Qatar, Saudi Arabia, & Turkey. pic.twitter.com/RLkXzpnAcR
— Andrew Thrasher, CMT (@AndrewThrasher) July 27, 2022
UST 10YR Yield has been setting up a textbook H&S pattern for 4 months now, but H&S is not always a topping pattern. In 2013 many financials had similar setup which then turned out to be continuation patterns. Are LT rates going up from here? (1/2) pic.twitter.com/tNZzVC6anT
— brian.joyce.nasdaq (@Nasdaqbjoyce) July 27, 2022
#TY1 – 10-year Note Futures Seasonality. pic.twitter.com/186xP18WWR
— Nautilus Research (@NautilusCap) July 27, 2022
Great googly moogly! up 7.5% but still in a range $GOOGL $GOOG pic.twitter.com/POgKwDEIqh
— Michael Kahn, CMT (@mnkahn) July 27, 2022
You’re all caught up now. Thanks for reading!