Daily Chart Report 📈 Wednesday, June 26, 2024
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Today’s Summary
Wednesday, June 26, 2024
Indices: Nasdaq +0.25% | S&P 500 +0.16% | Dow +0.04% | Russell 2000 -0.21%
Sectors: 2 of the 11 sectors closed higher. Consumer Discretionary led by a wide margin, rising +1.45%. Energy lagged, falling -0.98%.
Commodities: Crude Oil futures were flat (+0.09%) at $80.90 per barrel. Gold futures fell -0.76% to $2,313 per oz.
Currencies: The US Dollar Index rose +0.41% to $106.05.
Crypto: Bitcoin fell -1.59% to $60,807. Ethereum fell -0.73% to $3,369.
Volatility: The Volatility Index fell -2.34% to 12.54.
Interest Rates: The US 10-year Treasury yield rose to 4.329%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Tesla sneaking through the neckline an hour into trading pic.twitter.com/QxPnhknOLH
— Scott Brown, CMT (@scottcharts) June 26, 2024
Today’s Chart of the Day was shared by Scott Brown (@scottscharts).
- Several sleeping giants within the Magnificent 7 have woken up recently, including $TSLA, $AMZN, $AAPL, and $GOOG.
- Tesla ($TSLA) is leading the Mag 7 this week despite being the clear laggard this year. It’s down -21% year-to-date, while the other Mag 7 stocks are up double or triple digits.
- Scott points out that $TSLA has spent the entire year building an Inverted Head & Shoulders pattern. The neckline of this bullish pattern is roughly around $200. The trend is still sideways at best, but if $TSLA reclaims $200, the next major resistance level is +30% higher, around $260.
The takeaway: Other Mega-Caps are breaking out, while $NVDA takes a well-deserved break. Even the notorious laggard within the group ($TSLA) has carved out a potential bottom.
Quote of the Day
“Chart patterns are not the cause; they’re the effect. Human behavior hasn’t changed and isn’t likely to change much in the future.”
– Mark Minervini
Top Links
Ryan Detrick highlights a few seasonal trends to be aware of.
What Does a Low VIX Mean for Stocks – Schaeffer’s Investment Research
Rocky White looks at how the S&P 500 has historically performed when the Volatility Index breaks down.
China Strugles – Bespoke
Bespoke examines the pullback in Chinese equities.
Gold Forecast: Why XAU/USD Selling Could Accelerate if $2275 Gives Way – Forex.com
Matt Weller breaks down the outlook for Gold.
Thematic ETFs and the New S&P 500 Heavyweight – Strategas Asset Management
Todd Sohn discusses Thematic ETFs and Nvidia ($NVDA).
Top Tweets
The stock market rarely makes it out of the summer without at least one gnarly down day.
The index has posted at least one 1% drop between the beginning of June and the end of August in every year but two since 1950 (1968 and 2014).
Don’t let the calm lull you to sleep.
— Callie Cox (@callieabost) June 26, 2024
For the 2nd consecutive day the $SPX has gained despite more declining stocks (327) than advancing (174), with Cons Discretionary Sector $XLY +1.45% dominating though $AMZN & $TSLA (the sector had 29 declines & 22 advances). pic.twitter.com/f7J4JsyWKa
— Optuma (@Optuma) June 26, 2024
There’s an argument to be made that this month is a fresh breakout for the Nasdaq, and that this is all just getting started. pic.twitter.com/ezrXJqSXoy
— J.C. Parets (@allstarcharts) June 26, 2024
Weekly chart of $QQQ provides a pretty straightforward trend-following game plan:
QQQ > trendline = long and strong
QQQ < trendline = risk-off rotation
A trend is in place until proven otherwise! pic.twitter.com/mzKKAyhArD— David Keller, CMT (@DKellerCMT) June 26, 2024
Yo, Charts — pic.twitter.com/DFyKCqFowh
— da Chart Life (@daChartLife) June 26, 2024
Are the homies the culprit, or will the bulls step in and repair the damage? $ITB pic.twitter.com/EtH14TzUJL
— Sam Gatlin (@sam_gatlin) June 26, 2024
Line charts = Underrated $TSLA pic.twitter.com/rNdTBysj5g
— TrendSpider (@TrendSpider) June 26, 2024
https://www.twitter.com//OptionsSean/status/1806003863675142503
$GOOGL vs. $XLC pic.twitter.com/UDYnVtZT6Z
— Ian McMillan, CMT (@the_chart_life) June 26, 2024
Two-Hundred-Dolla-Roll imminent for $AMZN. Time to get involved… pic.twitter.com/WLVELdSwTf
— Sean McLaughlin, NLD
( formerly @chicagosean) (@OptionsSean) June 26, 2024
Careful with #Bitcoin it is breaking below the
VWAP from the test of the YTD AVWAP on Monday pic.twitter.com/EDXjsVLYVx
— Brian Shannon, CMT (@alphatrends) June 26, 2024
Chipotle split 50-for-1. That means an 800 calorie burrito is now only 16 calories. #science pic.twitter.com/ub7vo4Nvcb
— Eddy Elfenbein (@EddyElfenbein) June 26, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Wednesday, June 26, 2024 appeared first on The Chart Report.
