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Daily Chart Report 📈 Thursday, June 27, 2024

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Today’s Summary
Thursday, June 27, 2024

Indices: Russell 2000 +1.00% | Nasdaq +0.19% | S&P 500 +0.09% | Dow +0.09%

Sectors: 7 of the 11 sectors closed higher. Real Estate led, gaining +0.90%. Consumer Staples lagged, falling -0.43%.

Commodities: Crude Oil futures rose +1.04% to $81.74 per barrel. Gold futures gained +1.01% to $2,337 per oz.

Currencies: The US Dollar Index fell 0.12% to $105.93.

Crypto: Bitcoin rose +1.34% to $61,622. Ethereum rose +2.27% to $3,446.

Volatility: The Volatility Index fell -2.31% to 12.25.

Interest Rates: The US 10-year Treasury yield fell to 4.284%.

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 Shane Murphy (@murphycharts).

  • The Technology Sector ($XLK) has been flat over the past two weeks, but there’s been a notable rotation beneath its surface. Software has perked up, while Semiconductors have cooled off.
  • Software ($IGV) has lagged all year, while Semis drove Tech higher. However, $IGV is on track for its best month since November. $IGV built a potential top in the first half of the year, but the top failed recently. As we know, Failed Tops are often incredibly bullish.
  • Shane points out that $IGV is completing a multi-year Cup & Handle pattern. The primary uptrend looks ready to resume if $IGV clears $90.

The takeaway: Despite lagging all year, Software ($IGV) has set the stage for a potential rally in the second half of the year.

Quote of the Day

“When the news is wonderful and a market still can’t go up, then you want to be sure to be short.”

– Michael Marcus

Top Links

Here Comes July, Historically the Best Month the Past 20 Years – Carson Research Group
Ryan Detrick examines how stocks have historically performed in July.

Sneak Peek into Second Half Seasonality for Stocks – LPL Financial Research
Adam Turnquist looks at seasonality in the back half of the year.

There is More Than One Amazon – All Star Charts
The team at All Star Charts highlights a few online retail stocks that look ready to rally.

TAG, You’re It! Rotation Away From Semiconductors Benefiting These Stocks – StockCharts
Tom Bowley breaks down the ongoing rotation within the market as Semis cool off.

Top Tweets

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

The post Daily Chart Report 📈 Thursday, June 27, 2024 appeared first on The Chart Report.

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