
Daily Chart Report 📈 Tuesday, June 18, 2024
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Today’s Summary
Tuesday, June 18, 2024
Indices: S&P 500 +0.25% | Russell 2000 +0.16% | Dow +0.15% | Nasdaq +0.03%
Sectors: 8 of the 11 sectors closed higher. Financials led, rising +0.63%. Communications lagged, falling -0.59%.
Commodities: Crude Oil futures rose +1.24% to $80.71 per barrel. Gold futures gained +0.77% to $2,347 per oz.
Currencies: The US Dollar Index inched lower by –0.07% to $105.26.
Crypto: Bitcoin dropped -2.00% to $65,145. Ethereum fell -0.78% to $3,482.
Volatility: The Volatility Index dropped -3.53% to 12.29.
Interest Rates: The US 10-year Treasury yield fell to 4.223%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Hmmm the question is how does it resolve…ahead of QUAD witching!? pic.twitter.com/iIqzoDJZwR
— conradseric, CMT, CAIA, CEFA (@conradseric) June 18, 2024
Today’s Chart of the Day was shared by Eric Conrads (@conradseric).
- The Nasdaq 100 ($QQQ) closed at all-time highs ahead of tomorrow’s market holiday. Meanwhile, Bitcoin sank to a one-month low, violating a confluence of support at $66k.
- The two have generally trended together over the years, but they’ve diverged over the past two weeks. Bitcoin has corrected nearly -10% since the divergence began, while the Nasdaq has gained +6.8%.
- Eric points out that the 20-day correlation is at its lowest since January. Bitcoin caught up to the Nasdaq the last two times it diverged like this in January and November.
The takeaway: Bitcoin and the Nasdaq are sending conflicting messages and only one of them is telling the truth. Traders will be watching crypto extra closely over the next 24 hours, as the stock market will be closed on for Juneteenth.
Quote of the Day
“The truth of the matter is that you always know the right thing to do. The hard part is doing it.”
– Norman Schwarzkopf
Top Links
View From The Top: 1999 vs. Now – Bespoke
Bespoke compares the current market environment to the dot-com bubble.
The XLK Technology ETF hasn’t done this since September 2020 – CappThesis
Frank Cappelleri looks at the extreme momentum in the Tech sector.
Happy Fibonacci Day 6.18 – All Star Charts
JC Parets points out that the Dow Transportation Average is testing a key Fibonacci retracement level.
Chasing the Biggest Stocks – A Wealth of Common Sense
Ben Carlson examines Mega-Cap’s outperformance and the composition of the S&P 500.
Top Tweets
$SPY up 7 in a row, ATH, volume dead
Happy holiday! pic.twitter.com/PLUVqNeMcp
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) June 18, 2024
Can this rally continue? Be aware that July has been up nine years in a row for the S&P 500.
Over the past decade? Higher 90% of the time (tied with November for the best) and up 3.1% on avg (second only to Nov). pic.twitter.com/J644ipnfXB
— Ryan Detrick, CMT (@RyanDetrick) June 18, 2024
The S&P 500 continues to make new all-time highs.
While the Fear and Greed Index is still reading “fear”
— Matt Cerminaro (@mattcerminaro) June 18, 2024
$IWM – Small Caps going to make a move off of $200? pic.twitter.com/2qC5VqyFYd
— Larry Thompson (@HostileCharts) June 18, 2024
Is this divergence going to mean something? pic.twitter.com/wiLChP5nBu
— Grant Hawkridge (@granthawkridge) June 18, 2024
This base in the equal weighted Nasdaq $QQQ $QQQE is so pretty, A breakout here would be the most bullish thing I can think of pic.twitter.com/yZdGVF9fwt
— Jack (@alphacharts365) June 18, 2024
Silver back to $29/oz…$SI_F $SLV pic.twitter.com/4ufloRO2Be
— Ian McMillan, CMT (@the_chart_life) June 18, 2024
silver is the weakest (on average in June) from a calendar #seasonality standpoint and this year seems to be on par…
July has historically posted the biggest gains… are you buying the dip? pic.twitter.com/2AgYhEowNc
— David Cox, CMT, CFA (@DavidCoxRJ) June 18, 2024
Anyone still remember that historic breakout in the #Nikkei during Q1? Or have we turned our attention to the latest shiny objects?
$SPY $VT $VEU pic.twitter.com/LKohZtvRAP
— Brian G (@alphacharts) June 19, 2024
$NVDA NVIDIA just became #1.
It’s Jensen Huang’s world, and we’re just living in it. pic.twitter.com/qViRcItlw6
— App Economy Insights (@EconomyApp) June 18, 2024
You’re all caught up now. Thanks for reading!
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