Daily Chart Report 📈 Tuesday, June 4, 2024
Powered By:
Today’s Summary
Tuesday, June 4, 2024
Indices: Dow +0.36% | Nasdaq 100 +0.29% | S&P 500 +0.15% | Russell 2000 -1.25%
Sectors: 6 of the 11 sectors closed higher. Real Estate led, rising +0.95%. Materials lagged, falling -1.11%.
Commodities: Crude Oil futures fell -1.31% to a three-month low of $73.25 per barrel. Gold futures fell -0.92% to $2,347 per oz.
Currencies: The US Dollar Index inched higher by +0.10% to $104.15.
Crypto: Bitcoin rose +2.51% to $70,531. Ethereum rose +1.26% to $3,814.
Volatility: The Volatility Index rose +0.23% to 13.15.
Interest Rates: The US 10-year Treasury yield dropped to a two-month low of 4.332%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Inflection points in oil have often preceded inflection points in yields. With oil already breaking down, will 10Y yields follow and take out the 200-dma/October 2022 highs? pic.twitter.com/7xvGLgRbzm
— Adam Turnquist, CMT (@adam_turnquist) June 4, 2024
Today’s Chart of the Day was shared by Adam Turnquist (@adam_turnquist).
- Crude Oil (black) fell for the fifth straight day, closing at a three-month low of $73.25 per barrel.
- Meanwhile, the US 10-year Treasury yield (blue) dropped to a two-month low of 4.33%, closing below its 200-day moving average for the first time since March.
- Adam points out that Crude Oil is leading yields lower. The US Dollar ($DXY) is also moving lower with yields. This bodes well for risk assets, including Stocks, Gold, Crypto, and more.
The Takeaway: The weakness in Crude Oil is putting pressure on Treasury yields and the US Dollar. This will likely act as a tailwind for Stocks and other risk assets.
Quote of the Day
“Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend, and step off before it is discredited.”
– George Soros
Top Links
Bull Market 2-Year Anniversary – All Star Charts
JC Parets looks at several key areas of the market.
Chart Advisor – Investopedia
Shane Murphy examines Emerging Markets, Nat Gas, and Defensive sectors.
These SURPRISING Sectors Are Showing Strength – StockCharts
Julius de Kempenaer analyzes the strongest and weakest sectors of the S&P 500.
Let’s Get Technical: A Conversation with Katie Stockton – Barron’s Live
Katie Stockton shares her thoughts on the current market environment.
Top Tweets
The longer we hold over this April high the more bullish I get. $SPY pic.twitter.com/gkw1gaT4Hd
— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) June 4, 2024
The current bull market cycle is 20 months old and produced a 53% gain. By historical standards there seems to be life left for this bull, given the median 30 months and 90% gains that’ve been produced over the past 100 years or so. We might only be in the 5thinning.
pic.twitter.com/WWvyAdu3wB
— Jurrien Timmer (@TimmerFidelity) June 4, 2024
$SPX after #bitcoin halving dates. pic.twitter.com/jKrHTMecvI
— Frank Cappelleri (@FrankCappelleri) June 4, 2024
energy stocks were hit pretty hard yesterday… pretty typical from a #seasonality standpoint…
left: TSX Energy $XEG
right: SPDR Energy $XLE pic.twitter.com/ydAxyDWDoN— David Cox, CMT, CFA (@DavidCoxRJ) June 4, 2024
Broken rates of trend (from late 2023) for 30-year yields and the US Dollar Index…$TYX $DXY pic.twitter.com/MpY1tfGNaM
— Ian McMillan, CMT (@the_chart_life) June 4, 2024
that’s it – yields are in a downtrend now (bonds in an uptrend) $TLT $ZB_F $TNX pic.twitter.com/8v8BqOvpFn
— Jamie Saettele, CMT (@JamieSaettele) June 4, 2024
$TLT trying to reclaim its 200d moving average.
Potential change in character move coming… pic.twitter.com/5UYMnEdapD
— Justin Spittler (@JSpitTrades) June 4, 2024
Have bonds bottomed for the year? $GOVZ $SHY $IEF $TLT pic.twitter.com/V1q3wgfXt5
— Sam Gatlin (@sam_gatlin) June 4, 2024
The persistent relative leadership from the Japanese Banks remains a compelling trend – hardly a new idea from us, but shouldn’t it be getting more attention than it does? @StrategasRP pic.twitter.com/ToLcPG04pM
— Chris Verrone (@verrone_chris) June 4, 2024
SPX 2009 vs China 2024
1. 50%+ crash from real estate bubble
2. 30%-40% recovery
3. First articles about home sales recovery pic.twitter.com/X98TiI8UW4— Jason Goepfert (@jasongoepfert) June 4, 2024
The Dow Jones Industrial Average of India, that we call the “NIFTY50” fell 6% today. That’s equivalent to the Dow falling over 2300 points in a single day. The NIFTY50 lost all of its gains for the entire year in less than a day, after closing at new all-time highs yesterday. pic.twitter.com/J3pfJBcjEq
— J.C. Parets (@allstarcharts) June 4, 2024
Um, this consolidation looks likely to resolve itself with a breakout. #bitcoin pic.twitter.com/aoDzpd8lI7
— RenMac: Renaissance Macro Research (@RenMacLLC) June 4, 2024
#BTC Massive 2-year cup & handle, note the volume drying up in the handle? I discuss twice weekly, plus everything you need to implement CANSLIM. https://t.co/mT9YvwrbLR #IBDPartner https://t.co/je48GLNcqihttps://t.co/082eydVJRJ pic.twitter.com/oNiObwI1lY
— James Roppel (@Upticken) June 4, 2024
Apple Inc. $AAPL is quietly only +1.6% away from an all-time high daily close and +2.35% away from all-time highs.
It’s basically been consolidating sideways for the past 12 months… but now all eyes should be turning to the 161.8% fibonacci. pic.twitter.com/bKCtjzRGrp
— Caleb Franzen (@CalebFranzen) June 4, 2024
1970s: Mick Jagger
2020s: Chip Jagger pic.twitter.com/HBWSqBtpNm
— litquidity (@litcapital) June 4, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, June 4, 2024 appeared first on The Chart Report.
