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Daily Chart Report 📈 Monday, June 17, 2024

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Today’s Summary
Monday, June 17, 2024

Indices: Nasdaq +1.24% | Russell 2000 +0.79% | S&P 500 +0.77% | Dow +0.49%

Sectors: 8 of the 11 sectors closed higher. Consumer Discretionary led, rising +1.76%. Utilities lagged, falling -1.10%.

Commodities: Crude Oil futures rose +1.62% to $79.72 per barrel. Gold futures fell -0.86% to $2,329 per oz.

Currencies: The US Dollar Index fell –0.18% to $105.33.

Crypto: Bitcoin inched lower by -0.22% to $66,475. Ethereum dropped -3.09% to $3,510.

Volatility: The Volatility Index rose +0.71% to 12.74.

Interest Rates: The US 10-year Treasury yield rose to 4.281%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

🏆 Today’s Chart of the Day was shared by Jason Goepfert (@jasongoepfert).

  • The Nasdaq 100 ($QQQ) has become extremely overbought as it continues to print record highs. The Relative Strength Index (RSI) reached its most overbought reading since 2018 today, closing at 81.5.
  • Jason points out that RSI on $QQQ will likely hit 82 for the seventh time since inception. He suggests that it hasn’t paid to fade $QQQ after an extremely overbought reading.
  • ‘Extremely Overbought’ might sound bearish, but it’s really not. It just means the underlying bid is unusually strong. That’s often a recipe for higher prices, not lower ones.

The takeaway: The Nasdaq 100 ($QQQ) hasn’t been this overbought since 2018, but that’s not necessarily bad. If anything, this is typical bull market behavior.

Quote of the Day

“Markets may initially trend for fundamental reasons, but prices overshoot by ludicrous amounts. At some point, prices go up today simply because they went up yesterday.”

– Michael Platt

Top Links

A View from the Floor with Jay Woods, CMT – Freedom Capital Markets
Jay Woods highlights several things to watch this week.

Market Concentration Could Be a Warning the Rally is Slowing: Carson Group’s Ryan Detrick – CNBC
Ryan Detrick discusses the potential threats to the current rally.

No New Highs. So What? – All Star Charts
JC Parets looks at the lack of participation within the market.

Arre Stocks Overdue for a Correction? – Ciovacco Capital Management
Chris Ciovacco examines the short-term and long-term trends in the market.

Top Tweets

You’re all caught up now. Thanks for reading!

The post Daily Chart Report 📈 Monday, June 17, 2024 appeared first on The Chart Report.

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