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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%

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

🏆 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

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

The post Daily Chart Report 📈 Monday, June 24, 2024 appeared first on The Chart Report.

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