
Daily Chart Report 📈 Thursday, June 27, 2024
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Today’s Summary
Thursday, June 27, 2024
Indices: Russell 2000 +1.00% | Nasdaq +0.19% | S&P 500 +0.09% | Dow +0.09%
Sectors: 7 of the 11 sectors closed higher. Real Estate led, gaining +0.90%. Consumer Staples lagged, falling -0.43%.
Commodities: Crude Oil futures rose +1.04% to $81.74 per barrel. Gold futures gained +1.01% to $2,337 per oz.
Currencies: The US Dollar Index fell –0.12% to $105.93.
Crypto: Bitcoin rose +1.34% to $61,622. Ethereum rose +2.27% to $3,446.
Volatility: The Volatility Index fell -2.31% to 12.25.
Interest Rates: The US 10-year Treasury yield fell to 4.284%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$IGV Software
Cup and handle continuation pattern…again. pic.twitter.com/5bJr7TVk55
— Shane C. Murphy (@murphycharts) June 27, 2024
Today’s Chart of the Day was shared by Shane Murphy (@murphycharts).
- The Technology Sector ($XLK) has been flat over the past two weeks, but there’s been a notable rotation beneath its surface. Software has perked up, while Semiconductors have cooled off.
- Software ($IGV) has lagged all year, while Semis drove Tech higher. However, $IGV is on track for its best month since November. $IGV built a potential top in the first half of the year, but the top failed recently. As we know, Failed Tops are often incredibly bullish.
- Shane points out that $IGV is completing a multi-year Cup & Handle pattern. The primary uptrend looks ready to resume if $IGV clears $90.
The takeaway: Despite lagging all year, Software ($IGV) has set the stage for a potential rally in the second half of the year.
Quote of the Day
“When the news is wonderful and a market still can’t go up, then you want to be sure to be short.”
– Michael Marcus
Top Links
Ryan Detrick examines how stocks have historically performed in July.
Sneak Peek into Second Half Seasonality for Stocks – LPL Financial Research
Adam Turnquist looks at seasonality in the back half of the year.
There is More Than One Amazon – All Star Charts
The team at All Star Charts highlights a few online retail stocks that look ready to rally.
TAG, You’re It! Rotation Away From Semiconductors Benefiting These Stocks – StockCharts
Tom Bowley breaks down the ongoing rotation within the market as Semis cool off.
Top Tweets
If things seem really really boring, that’s because they are.
S&P 500 now 7 consecutive days it closed between 0.4% and -0.4%.
Longest streak of boring like that since Thanksgiving week 2021.
— Ryan Detrick, CMT (@RyanDetrick) June 27, 2024
Big picture of the daily $SPX chart.
The past 6-day range for the index is the smallest since September 2021 and the $VIX (supposedly anticipation) still bottomed out.
Either the #debates and PCE are seen as ‘not mattering’ or we could get a sharp jolt of volatility pic.twitter.com/sZGu9HqHVk
— John Kicklighter (@JohnKicklighter) June 27, 2024
$IWM leading last 5 days pic.twitter.com/X3loKaGSN9
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) June 27, 2024
The daily @RRGresearch shows $XLK is the only sector on the right side ie out-performing the index BUT it’s also the only one heading south (losing relative momentum). Those in Lagging are rotating in northerly direction towards Improving ( $XLI, $XLF, & $XLE joined $XLY there… pic.twitter.com/kxFnyKmnQQ
— Optuma (@Optuma) June 27, 2024
— J.C. Parets (@allstarcharts) June 27, 2024
ARK Funds:
• Bullish weekly chart on $ARKW $ARKF
• Bullish daily MACD crossover $ARKK $ARKW $ARKF
• Absolute rock-bottom sentiment towards Ms. Catherine D. Wood.We ready? pic.twitter.com/5QIIwD6gy6
— Brian G (@alphacharts) June 27, 2024
The weekly chart seems to indicate that this breakout is somewhat important… $AMZN pic.twitter.com/oSw7VTX306
— David Keller, CMT (@DKellerCMT) June 27, 2024
$IGV Software up 4 of last 5 days$SMH Semis down 4 of last 5 days#Rotation pic.twitter.com/bnMu28hstQ
— Christian Fromhertz
(@cfromhertz) June 27, 2024
Weight loss drugs for a sector weight increase pic.twitter.com/SAzE8SF8uU
— Todd Sohn (@Todd_Sohn) June 27, 2024
This is called an area island bottom and if the underlying gap remains open then $RIVN has a long way to go upwards pic.twitter.com/CXzRzq38YW
— Peter Brandt (@PeterLBrandt) June 27, 2024
$SMCI delivers a parting gift to the R2000 on its second to last day in the index…
“So long and thanks for all the fish!” pic.twitter.com/sjp0WZBirX
— Michael Green (@profplum99) June 27, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, June 27, 2024 appeared first on The Chart Report.