Daily Chart Report 📈 Thursday, June 12, 2024
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Today’s Summary
Wednesday, June 12, 2024
Indices: Russell 2000 +1.62% | Nasdaq +1.33% | S&P 500 +0.85% | Dow -0.09%
Sectors: 5 of the 11 sectors closed higher. Technology led, rising +2.21%. Consumer Staples lagged, falling -1.10%.
Commodities: Crude Oil futures rose +0.77% to $78.50 per barrel. Gold futures rose +1.21% to $2,355 per oz.
Currencies: The US Dollar Index dropped –0.54% to $104.68.
Crypto: Bitcoin gained +1.39% to $68,243. Ethereum rose +1.75% to $3,559.
Volatility: The Volatility Index dropped -6.45% to 12.03.
Interest Rates: The US 10-year Treasury yield dropped to 4.316%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Equal Weight Nasdaq 100 ETF $QQQE has been consolidating below its prior cycle highs since February.
Probably only a matter of time before it takes out that overhead resistance.
Market should get real FUN when that matters.
pic.twitter.com/IGt7XJXPp4
— Justin Spittler (@JSpitTrades) June 12, 2024
Today’s Chart of the Day was shared by Justin Spittler (@JSpitTrades).
- Market participants have been worried about weak breadth since the bull market began, yet the market keeps hitting record highs.
- While breadth has been deteriorating and diverging recently, a meaningful expansion could be around the corner.
- Justin points out that the Equal-Weight Nasdaq 100 ETF ($QQQE) is trying to break out of a two-year base again after failing its initial attempt in March. A breakout would signify a broad and healthy bull market.
The takeaway: The Equal-Weight Nasdaq 100 ($QQQE) is flirting with record highs while many are concerned about narrow leadership.
Quote of the Day
“It is usually a much simpler matter to forecast a bull market than to call the turn at its end.”
– Philip Carret
Top Links
Rate Cut Optimism Fuels Election Year June Strength – Alamanc Trader
Jeff Hirsch checks in on June seasonality.
The $3 Trillion Club Welcomes You – All Star Charts
JC Parets looks at $MSFT, $AAPL, and $NVDA.
VWAP and Anchored VWAP from Event Daytrade SPY $ES_F – Alphatrends
Brian Shannon breaks down today’s price action using the anchored VWAP.
Will Large Cap Outperformance Continue? – Schaeffer’s Investment Research
Rocky White examines the continued outperformance from Large Caps.
Top Tweets
$SPY volume picked up today! But a doji. pic.twitter.com/naZtM8nyIX
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) June 12, 2024
Russell 3000 Net new high / lows over 1M, 3M, 6M, & 12M all positive today: pic.twitter.com/gvBLnGOIt8
— Optuma (@Optuma) June 13, 2024
$SPX Equal Weight.
15-week rest after a monster move from Oct-Mar. Ready. pic.twitter.com/5UvBVvI2zR
— Brian G (@alphacharts) June 12, 2024
$IWM – Polarity at $200? pic.twitter.com/oGV4wguS1u
— Larry Thompson (@HostileCharts) June 12, 2024
$rty #russell2000 Symmetry to continue? pic.twitter.com/D6G9Xgx9lE
— Nautilus Research (@NautilusCap) June 12, 2024
Remember, when the S&P 500 was up Nov, Dec, Jan, and Feb (like ’24 was) the next 12 months have never been lower (higher 14 out of 14) and up 17.4% on avg.
Again, there were many clues this year would be a good one for the bulls if you ignored what the economists in bowties were… pic.twitter.com/6yzu0FIbjc
— Ryan Detrick, CMT (@RyanDetrick) June 12, 2024
$AAPL has lifted out of its year-long trading range in dramatic fashion; as always, we would await confirmation of the breakout (2x weekly closes >$198) before acting on it to manage risk of a whipsaw; a measured move would target ~$240 #fairleadstrategies pic.twitter.com/jJQbG3gOyr
— Katie Stockton, CMT (@StocktonKatie) June 12, 2024
“.. $AAPL … stock up ~12.5% in 2-days, the biggest 2-day move in 15+ years (save a 2-day stretch in Mar’20 off the COVID lows) … over this stretch, Apple has added nearly ~$400bn in mrkt cap .. larger than the current market cap of 480 co’s ..”
– GS desk pic.twitter.com/XZSmSHazU8
— Carl Quintanilla (@carlquintanilla) June 12, 2024
Nice move in $MSFT today pic.twitter.com/88DZ1SCOLi
— Jack (@alphacharts365) June 13, 2024
Good things usually start with a shake for $BTC pic.twitter.com/7LvTB63rSb
— Steven Strazza (@sstrazza) June 12, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, June 12, 2024 appeared first on The Chart Report.
