Daily Chart Report 📈 Monday, June 24, 2024
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Today’s Summary
Monday, June 24, 2024
Indices: Dow +0.67% | Russell 2000 +0.43% |S&P 500 -0.31% | Nasdaq 100 -1.15%
Sectors: 6 of the 11 sectors closed higher. Energy led, rising +1.70%. Tech lagged, dropping -2.31%.
Commodities: Crude Oil futures rose +1.11% to $81.63 per barrel. Gold futures rose +0.57% to $2,344 per oz.
Currencies: The US Dollar Index fell –0.33% to $105.48.
Crypto: Bitcoin dropped -4.60% to $60,252. Ethereum fell -2.00% to $3,350.
Volatility: The Volatility Index rose +1.14% to 13.34.
Interest Rates: The US 10-year Treasury yield fell to 4.230%
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$IBB #biotech
resistance trend range break pic.twitter.com/HJnyLcgjQg— kkern (@kkernttb) June 24, 2024
Today’s Chart of the Day was shared by Keith Kern (@kkernttb).
- Biotech has been surprisingly strong recently. The Biotech ETF ($IBB) closed higher for the third straight day, while the S&P 500 closed lower for the third straight day.
- Keith points out that $IBB gapped above a four-month downtrend line today (blue). It has formed a solid Inverted Head & Shoulders pattern over the past six months, and it’s testing the neckline at $140.
- If $IBB clears the neckline of this bullish pattern at $140, it will open the gates to new multi-year highs. Biotech has persistently lagged since 2015, but it’s starting to show meaningful improvement.
The takeaway: Biotech ($IBB) has ripped higher over the past three days, while the S&P 500 has pulled back. Biotech has been a headache for nearly a decade but, reclaiming $140 would be a big step in the right direction.
Quote of the Day
“The best inside information is on the tape. I would rather follow its indications than act on a tip from J.P. Morgan himself.”
– Richard Wyckoff
Top Links
Christmas in July: Tech Weakness Setting Up NASDAQ’s Midyear Rally – Almanac Trader
Jeff Hirsch points out that the Nasdaq has a 12-day seasonal tailwind coming up.
Semis (SMH) Smoked – Bespoke
Bespoke looks at the sharp reversal in Semiconductor stocks.
The Summer is Historically Tough for Semis, Says Renaissance Macro’s Jeff deGraaf – CNBC
Jeff deGraaf shares his thoughts on Semis and the broader market.
Playing Defense in This Market – All Star Charts
JC Parets points out that Aerospace & Defense has exhibited relative strength recently.
Field Hippos – The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the notable trends and themes across the markets.
Top Tweets
$RSP vs $QQQ 2nd best day of the year
Up 4 sessions in a row pic.twitter.com/ptIT4ohCZm
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) June 24, 2024
$DJIA $DIA $DJI pic.twitter.com/km66ZkQ65a
— Ian McMillan, CMT (@the_chart_life) June 24, 2024
Three straight days of $SPX & QQQ weakness, while Equal-weighted S&P and DJIA have risen for 5 straight days. Groups like Financials, Discretionary & more recently HC have come back to life. Meanwhile Investors are too hyper focused on NVDA & just fractional Tech weakness..… pic.twitter.com/N3FvDbat3W
— Mark Newton CMT (@MarkNewtonCMT) June 25, 2024
Nvidia’s AVWAP chart says the stock has areas of possible support between $102 and $84, meaning a pullback to these levels would not put the uptrend in serious doubt. $NVDA pic.twitter.com/gMmOknYLTx
— Chris Ciovacco (@CiovaccoCapital) June 24, 2024
Seasonality (forward 3m) for semis starts to deteriorate rapidly from here. The worst 3m forward seasonal returns for the group starts at the end of July, followed by the best 3m forward returns starting in early October. Beware the calendar $NVDA $SMH $SOX pic.twitter.com/K0Cl7gb86l
— RenMac: Renaissance Macro Research (@RenMacLLC) June 24, 2024
$SPY down 3 straight days; Biotech up 3 straight days.
$IBB $XBI pic.twitter.com/DENVsEGoQZ
— Brandon Van Zee (@BrandonVanZee) June 24, 2024
Highest weekly close for $AMZN in history, after 4 years of zero progress. Now breaking out hitting $2 Trillion market-cap. Is this constructive for markets and Consumer Discretionary? Or is it like I’m told that the Consumer is dead and can’t afford anything and crash coming? pic.twitter.com/2nvw2NXbLu
— J.C. Parets (@allstarcharts) June 24, 2024
The stock is $TGTX
Is it a
Double Bottom
My brain says “who cares, its bullish”
Long with stopsdaily charts from @marketsurge pic.twitter.com/ubuQlVcH24
— Brian Shannon, CMT (@alphatrends) June 24, 2024
“When everybody is bearish, they’re probably going to be wrong; when everybody is bullish, they may be right for a while.”
–Burton Crane, as conveyed by @WalterDeemer pic.twitter.com/c9akOhjwHt
— Mark Ungewitter (@mark_ungewitter) June 24, 2024
Commodities Trading 101$CL_F $DBC #Copper https://t.co/9Tni1aqssZ pic.twitter.com/SVtS0TtrrU
— Arun S. Chopra CFA CMT
(@FusionptCapital) June 25, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, June 24, 2024 appeared first on The Chart Report.
