Daily Chart Report 📈 Friday, June 21, 2024
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Today’s Summary
Friday, June 21, 2024
Indices: Russell 2000 +0.23% | Dow +0.04% | S&P 500 -0.16% | Nasdaq 100 -0.26%
Sectors: 6 of the 11 sectors closed higher. Consumer Discretionary led, rising +1.59%. Utilities lagged, falling -1.03%.
Commodities: Crude Oil futures fell -0.69% to $80.73 per barrel. Gold futures dropped –1.60% to $2,331 per oz.
Currencies: The US Dollar Index rose +0.17% to $105.83.
Crypto: Bitcoin fell -1.15% to $64,102. Ethereum inched higher by +0.17% to $3,517.
Volatility: The Volatility Index fell -0.60% to 13.19.
Interest Rates: The US 10-year Treasury yield fell to 4.257%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
As long $SPX holds the gap at 5400, it’s hard to label this market as anything other than “still incredibly strong”. $SPX < 5200 and it's a whole different thing. Held a webcast earlier this week and 60% of attendees expecting a major market top in June-July-Aug. Would you agree? pic.twitter.com/OzcA8coX48
— David Keller, CMT (@DKellerCMT) June 21, 2024
Today’s Chart of the Day was shared by David Keller (@DKellerCMT).
- The S&P 500 rose +0.61% this week, scoring an all-time high for the third week in a row. The index has closed higher in eight of the nine weeks since the April low, gaining +10% in that time.
- Mega-Cap leaders like $NVDA and $AAPL started to stumble this week. However, David points out that the S&P 500 remains incredibly strong if it’s above last week’s gap at 5,400.
- Momentum also remains strong. RSI reached a six-month high this week, confirming the trend rather than diverging. Falling below 5,400 would put the uptrend at risk, as it would open the door to the April low at 5,200.
The takeaway: The S&P 500 closed at record highs for the third week in a row. Breadth could be better, but the trend and momentum remain strong. Keep an eye on 5,400 for potential support next week.
Quote of the Day
“We have, as human beings, a storytelling problem. We’re a bit too quick to come up with explanations for things we really don’t have an explanation for.”
– Malcolm Gladwell
Top Links
Stock Market & Crypto Analysis June 21, 2024 – Alphatrends
Brian Shanon examines this week’s price action and highlights some key levels to watch next week.
Darvas Trading Boxes – Chart Advisor – Investopedia
Frank Cappelleri applies a trend-following strategy to the S&P 500.
Deja Dot.com Disaster? – StockCharts
Carl Swenlin looks at the aftermath of the dot.com bubble.
Concentration Risk for Growth ETFs – Strategas Asset Management
Todd Sohn looks at the growing influence of Tech within the major indices.
Top Tweets
$SPX new all-time weekly high close.
Up 8 of the past 9 weeks. pic.twitter.com/lAuMF0XbNP
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) June 21, 2024
End of June dips often turn into July rips on $QQQ
The Nasdaq 100 has a 85% win rate in July over the last two decades with a mean return of +3.48%
pic.twitter.com/2AMOjdWqKd
— TrendSpider (@TrendSpider) June 21, 2024
Interesting stat:
Since 1980, the S&P 500 Index never peaked in June! pic.twitter.com/VjAnFCllwr— jeroen blokland (@jsblokland) June 21, 2024
The most dominant trend since October:
Successful bullish patterns
The $SPX just notched its SEVENTH upside target on Thursday. pic.twitter.com/GjfZWhVElz
— Frank Cappelleri (@FrankCappelleri) June 21, 2024
Nasdaq Composite
it seems that strong uptrends always attract hero’s intent on constantly calling a huge peak. could we (should we) correct from here? of course! very short term overbought…
a -14.4% correction would take us to the (blue) 200-day… and like summer ’23 pic.twitter.com/zDqu4Xb0Px
— David Cox, CMT, CFA (@DavidCoxRJ) June 21, 2024
Improvement in the breadth, the number of stocks above the 50 and 200-day MA on the S&P 500. I view this development as bullish. #stockmarket pic.twitter.com/CzBOEFOAwM
— Bonnie Gortler (@Optiongirl) June 21, 2024
Breadth doomers hate this chart…
S&P 500 Equal Weight ETF $RSP getting TIGHT.
Primary trend is up. So, I’m thinking it breaks higher. pic.twitter.com/7TQEhYojMT
— Justin Spittler (@JSpitTrades) June 21, 2024
$NVDA down approximately -3% on the day with the biggest gap lower since October AFTER a 180%-plus run higher YTD at yesterday’s high.
…and some financial outlets acting like the system is on the verge of collapse…. pic.twitter.com/fj6V9lpq0g
— John Kicklighter (@JohnKicklighter) June 21, 2024
The previous bullish engulfing candle when $NVDA made a new ATH was in March and led to a consolidation for a couple of months. They were only followed by big drawdowns in 2002 & 2022: pic.twitter.com/JvtXKBJ1mP
— Optuma (@Optuma) June 21, 2024
Buying short-term weakness within the context of long-term uptrends is easy to understand… but can be hard to do in the moment.
I try and burn charts like this one into my brain to keep me from missing these opportunities. $UBER pic.twitter.com/feGil8J4QF
— Steven Strazza (@sstrazza) June 21, 2024
the trade of the week was…
Avocados!+53% pic.twitter.com/KQZGlSAyDV
— Tom Hearden (@followtheh) June 21, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, June 21, 2024 appeared first on The Chart Report.
