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Today’s Summary
Thursday, July 29th, 2021
Indices: US Stocks closed higher in today’s session, with the Dow gaining 154 points or 0.44%. The S&P 500 rose 0.42%, while the Nasdaq finished flat (0.11%). The Russell 2000 outperformed, gaining 0.68%.
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining 1.13%. Communications lagged, falling 1.08%.
Commodities: Crude Oil futures moved higher by 1.41% to $73.41 per barrel. Gold futures jumped 1.82% to $1,832 per ounce.
Currencies: The US Dollar Index continued lower by 0.41%.
Interest Rates: The 10-year US Treasury yield rose 1.271%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$PFE — Pfizer "Fractal" — last 2-years embedded pattern resembles last 20-years. pic.twitter.com/VuCY0DXkyJ
— Nautilus Research (@NautilusCap) July 29, 2021
Today’s Chart of the Day was shared on Twitter by Nautilus Research (@NautiliusCap). It’s a chart of Pfizer ($PFE) in two different time frames. Nautilus points out that the past two years of price action look exactly like the past two decades of price action. In Technical Analysis, we often say prices are fractal in nature. Meaning, price patterns behave in the same way in both short-time frames and long-time frames. In this case, $PFE is attempting to break out of a 2-year base, and a 20-year base at the same time. You could also call this a bullish Cup & Handle pattern if that’s your thing. The bottom line is that this former Dow stock is attempting to break out across multiple time frames. So, whether you’re a long-term investor or swing trader, this setup looks promising as long as the stock can hold above $40.
Quote of the Day
“Whenever a breakout occurs with a stock moving into virgin territory (it’s never traded there before), this is the most bullish situation you can buy. Think about it. There isn’t one person who is long and has a loss.”
– Stan Weinstein
Top Links
Technical Analysis for IPOs – All Star Charts
With today’s high-profile Robinhood IPO, $HOOD, JC Parets offers some words of wisdom relating to trading IPOs.
Breadth Stinks – Means to a Trend
Austin Harrison shares his take on the deterioration in breadth.
Sector Rotation: What’s Working, and What’s Not? – Market Misbehavior
In this video, David Keller analyzes sector rotation using Relative Rotation Graphs.
Laser Eyes are Back – Bulls Regain Control – Rieben Financial
Greg Rieben takes a look at a few noteworthy charts in the crypto space.
A Feature Big Tech Play – AlphaCharts
Brian at AlphaCharts explains why he thinks $GOOGL will continue higher.
Top Tweets
FACT.
The S&P 500 has hit 15 record highs since Memorial Day, the fourth-most for any summer since 1990 (when my data begins).
And we still have August ahead of us.
😅
— Callie Cox (@callieabost) July 29, 2021
$YM, daily
Dow Jones formed a perfect continuation pattern. A break above 35000 will make it fly. pic.twitter.com/4h2tkZf54G
— Yuriy Matso (@yuriymatso) July 29, 2021
$IWM $QQQ IWM looks to be making it's move. Time to get on this pony? pic.twitter.com/TLVdR3WAth
— Alan Cohen (@al_xdpg) July 29, 2021
Going into a seasonally weak time for the market $SPY and bullish time for the $VIX, observing a "stealth correction" / deterioration of market participation, one cannot help wonder how $IWM will finish out July. Possible bearish engulfing pattern… pic.twitter.com/YK1I8Wpdkc
— Bailey.Baxter2020 (@BBaxter2020) July 29, 2021
Equal-weighted S&P 500 moving lower relative to cap-weighted S&P 500, just as 2s10s Treasury yield curve maintains current downtrend
[Past performance is no guarantee of future results] pic.twitter.com/eO6lN8cJDH— Liz Ann Sonders (@LizAnnSonders) July 29, 2021
#Bitcoin still hanging out in its multi-month range. $BTC pic.twitter.com/OOTs6LxuQa
— Andrew Thrasher, CMT (@AndrewThrasher) July 29, 2021
$AMZN Monthly. Back below the line in after-hours trading. Let's see how it closes the month tomorrow. pic.twitter.com/3xEF6CEIyB
— Brian G (@alphacharts) July 29, 2021
Just like Apple $AAPL, Amazon $AMZN is now set to trade lower on each of its last 4 earnings reaction days. Would also be its 5th move lower on its last 6 earnings reports. Stock is up ~38% over this time frame… pic.twitter.com/QvImByuhnY
— Bespoke (@bespokeinvest) July 29, 2021
Earnings are out and #Amazon $AMZN and #NASDAQfutures #NQ_F fall. AMZN falls below previous breakout support. It's a long time until tomorrow morning, will price bounce back between now and tomorrow's open? Not a recommendation. pic.twitter.com/HqCQIWTNch
— Pat Mullaly, CMT (@PMullaly_TDA) July 29, 2021
— StockCats (@StockCats) July 29, 2021
You’re all caught up now. Thanks for reading!