Top 5 Charts of the Day – July 9th 2020

#China | 72% of the 300 stocks included in the CSI 300 have a RSI (14-day) above 70, suggesting they are "technically overbought" – Bloomberg TV
*It's the highest proportion since Feb. 2009. pic.twitter.com/2Ki5BOFTPD

— Christophe Barraud (@C_Barraud) July 9, 2020

As Businesses Reopen, Many Americans Plan to Spend Less – Bloomberg
*More than 40% of adults say they’ll cut back on some of the very discretionary spending needed by struggling retailers.
*Link: https://t.co/yhrgH3yEnD pic.twitter.com/31dZBvLhx7

— Christophe Barraud (@C_Barraud) July 9, 2020

'The retail stores of America's most valuable company have arguably become something of a barometer for how the pandemic is affecting different parts of the country. Apple has currently shuttered roughly a third of its US stores.' https://t.co/ABhJKFsfcY pic.twitter.com/YeOG3n6Sby

— Jesse Felder (@jessefelder) July 9, 2020

China is now the "no way I can lose" market

Meanwhile, China's Volume Speculation Index, which looks at how much volume is flowing into Chinese vs. U.S. equities, surged

In the past, this was bearish for Chinese stocks long term. When everyone & their grandma is buying China… pic.twitter.com/80jS2bYYOp

— SentimenTrader (@sentimentrader) July 9, 2020

NASDAQ Daily Sentiment Index’s 30 day average is at one of the highest levels EVER.

History tells us that this is a dangerous time to be full-bore bullish. Such extreme sentiment often led to large pullbacks & corrections.

Monitor this risk closely in the weeks ahead. pic.twitter.com/kjZ7HJ3cjZ

— Troy Bombardia (@bullmarketsco) July 9, 2020