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Daily Chart Report 📈 Tuesday, July 2, 2024

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Today’s Summary
Tuesday, July 2, 2024

Indices: Nasdaq +1.01% | S&P 500 +0.62% | Dow +0.41% | Russell 2000 +0.19%

Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led by a wide margin, gaining +1.95%. Health Care lagged, falling -0.37%.

Commodities: Crude Oil futures fell -0.68% to a two-month high of $82.81 per barrel. Gold futures fell -0.24% to $2,333 per oz.

Currencies: The US Dollar Index was flat at $105.83.

Crypto: Bitcoin fell 1.27% to $62,033. Ethereum fell -0.69% to $3,417.

Volatility: The Volatility Index fell -1.72% to 12.02.

Interest Rates: The US 10-year Treasury yield fell to 4.434%.

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 Larry Tentarelli (@bluechipdaily).

  • The Nasdaq 100 ($QQQ) closed at a record high for the first time in two weeks today. It began stalling when $NVDA reversed lower on June 20th. $NVDA remains -9.5% off its highs, but the other Mega-Caps have made up for it.
  • Larry points out that $AAPL, $AMZN, and $MSFT closed at record highs today, with $GOOGL just pennies away. Together, these four stocks make up 28% of $QQQ.
  • Many call this an unhealthy tape due to how narrow leadership has been. While breadth isn’t ideal, it’s hard to be aggressively bearish if the most influential stocks are hitting record highs.

The takeaway: The Nasdaq 100 ($QQQ) broke out of a two-week consolidation today. While $NVDA has corrected, other Mega-Caps have perked up. Many view Mega-Cap dominance as bearish, but leaders are supposed to lead.

Quote of the Day

“When people are looking for performance, they sharpen their pencils and find reasons to buy.”

– Michael Price

Top Links

Why A Good First Half For Stocks Bodes Well The Second Half – Carson Research
Ryan Detrick looks at how stocks have historically performed in the second half of the year following a strong first half.

The S&P 500’s Second Half Setup – CappThesis
Frank Cappelleri breaks down the technical setup for the S&P 500 in the second half of the year.

July Best S&P & NASDAQ Month Last 21-Years – Almanac Trader
Jeff Hirsch examines July seasonality.

Sector Rotation Sector Rotation Sector Rotation – All Star Charts
JC Parets highlights the evidence of rotation within the market.

Don’t Trend it All in One Place, Says Macro Risk’s John Kolovos – CNBC
John Kolovos shares his technical perspective on the S&P 500, Semiconductors, Credit Spreads, and more.

Top Tweets

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

The post Daily Chart Report 📈 Tuesday, July 2, 2024 appeared first on The Chart Report.

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