Daily Chart Report 📈 Friday, June 14, 2024
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Today’s Summary
Friday, June 14, 2024
Indices: Nasdaq 100 +0.42% | S&P 500 -0.04% | Dow -0.15% | Russell 2000 -1.61%
Sectors: 4 of the 11 sectors closed higher. Technology led, rising +0.37%. Industrials lagged, falling -1.01%.
Commodities: Crude Oil futures inched lower by -0.22% to $78.45 per barrel. Gold futures rose +1.34% to $2,349 per oz.
Currencies: The US Dollar Index rose +0.26% to $105.52.
Crypto: Bitcoin fell -1.10% to $65,996. Ethereum rose +0.35% to $3,480.
Volatility: The Volatility Index rose +5.86% to 12.65.
Interest Rates: The US 10-year Treasury yield dropped to 4.223%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Current themes…
US > Rest of the world
Large > Small
Growth > Value pic.twitter.com/N1sbeNcYTV— Grant Hawkridge (@granthawkridge) June 14, 2024
Today’s Chart of the Day was shared by Grant Hawkridge (@granthawkridge).
- Grant highlights three themes that define the current market environment. For starters, US Stocks continue to dominate the rest of the world. In fact, this was the best week for US Stocks ($SPY) vs. the rest of the world ($ACWX) since February 2022.
- Secondly, Large Caps have continued to outperform Small Caps by a wide margin. Large-Caps ($SPY) rose +1.64% this week, while Small-Caps ($IWM) fell -1.23%. As a result, the ratio in the middle pane ($SPY/$IWM) closed at its highest level in over two decades.
- Lastly, Growth is trouncing Value again. This has been the best two-week stretch for Growth vs. Value since 2001, with $IWF outperforming $IWD by +8.76%.
The takeaway: US Large Cap Growth reigns supreme. These trends are nothing new, but that’s how trends work… they persist.
Quote of the Day
“There is absolutely no doubt in my mind that one of the real keys to winning is learning how to lose.”
– Stan Weinstein
Top Links
Stock Market & Crypto Analysis June 14, 2024 – Alphatrends
Brian Shannon breaks down this week’s price action and some key levels to watch next week.
June’s Quad Witching Options Expiration – A Volatility Haven – Almanac Trader
Jeff Hirsch examines how the second quad-witching week of the year has historically played out.
ETFs & Markets with Todd Sohn: Humans Love Cash – Strategas Asset Management
Todd Sohn highlights several key takeaways from the current market environment.
Commodities: Hunting for an Uncorrelated Trade – All Star Charts
Ian Culley looks at the trends within the Commodities market.
Tech Week – The Weekly Trend Podcast
Ian McMillan and Kevin Firari discuss the most important trends across the markets.
Top Tweets
$QQQ +16% from the April nadir
Another all-time high. Up 7 of the last 8 weeks. pic.twitter.com/r0jSmiV16N
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) June 14, 2024
$NDX $QQQ $RUT $IWM pic.twitter.com/3p6EpPU6Xo
— Ian McMillan, CMT (@the_chart_life) June 14, 2024
As Nasdaq and S&P 500 hit record highs this week:
* Dow Industrials down 5 of 5 days
* Only 5 Dow stocks green: $AAPL, $HD, $MSFT, $UNH, $WMT
* Over half of Nasdaq 100 stocks red despite index’s best week since April pic.twitter.com/VArY0Rryrh— jaredblikre.ai (@SPYJared) June 14, 2024
$DIA‘s 2-week correlation with $SPY dropped to negative levels (which is very rare) for the first time since November 2021. pic.twitter.com/pdXUgdt3e0
— David Settle, CMT (@davidsettle42) June 14, 2024
Followers of the DeMARK Indicators @DeMARKAnalytics, take note. $NDX has ‘13s’ across time frames, which would be cautionary if they’re confirmed. Track our views: https://t.co/xpCvmDN7pP #fairleadstrategies pic.twitter.com/DqF9yxDRTC
— Katie Stockton, CMT (@StocktonKatie) June 14, 2024
The percentage of Technology sub-industries with rising RS 200-day moving averages peaked this cycle in October at 75.0% and has trended lower, even as the sector has gone on to make new highs in May and June. The current reading is the lowest since January 2023. 1/2 pic.twitter.com/59zeOpwiZm
— Rob Anderson (@_rob_anderson) June 14, 2024
Bears keep talking about weak breadth and how the market is only being held up by the Magnificent 7 (sounds familiar to 2023, doesn’t it?), but all I see is the equal-weight version of the S&P 500 $RSP trading at/above the former all-time highs.
Breakout, retest, rebound. pic.twitter.com/8ZhlclnNXX
— Caleb Franzen (@CalebFranzen) June 14, 2024
there are lots of folks, technicians and non, all talking about declining breadth… yes, for sure, fewer stocks are rising as the markets $SPX $QQQ hit highs… i remind you that in ’21, it was even more pronounced…
left: current % 50-day #beardivergence
right: 2021 pic.twitter.com/xRJQFVzHTA— David Cox, CMT, CFA (@DavidCoxRJ) June 14, 2024
US Dollar Index $DXY Futures
Daily with Weekly inset
Looks poised pic.twitter.com/hLBx2n43Ds
— Brian Shannon, CMT (@alphatrends) June 14, 2024
I am NOT a “bond bull.” I am just a speculator considering a reasonably sized (i.e., small) position in TLT call options. Could bonds tank? Absolutely. Hence small speculation, not “loading up.” Not advice, just one point of view from a market-addled mind. pic.twitter.com/wduFDikzSd
— Jay Kaeppel (@jaykaeppel) June 14, 2024
It looks like the #AI market drive is overtaking the former market lead in #crypto.
Here’s the $NVDA – $BTCUSD ratio and it has charged to 7 year highs this week: pic.twitter.com/T80hHa3uAv
— John Kicklighter (@JohnKicklighter) June 14, 2024
$SPY pullback on the horizon?
The S&P 500 is historically a poor performer over the next two weeks.
Next week in particular has returned -0.88% on average over the last two decades.
pic.twitter.com/c2oMGbTeDj
— TrendSpider (@TrendSpider) June 14, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, June 14, 2024 appeared first on The Chart Report.
