Daily Chart Report 📈 Friday, June 28, 2024
Powered By:
Today’s Summary
Friday, June 28, 2024
Indices: Russell 2000 +0.46% | Dow -0.12% | S&P 500 -0.41% | Nasdaq 100 -0.54%
Sectors: 4 of the 11 sectors closed higher. Real Estate led, gaining +0.81%. Utilities lagged, falling -1.12%.
Commodities: Crude Oil futures fell -0.24% to $81.54 per barrel. Gold futures inched higher by +0.13% to $2,340 per oz.
Currencies: The US Dollar Index inched lower by –0.08% to $105.85.
Crypto: Bitcoin fell -2.12% to $60,315. Ethereum fell -2.09% to $3,374.
Volatility: The Volatility Index rose +1.63% to 12.45.
Interest Rates: The US 10-year Treasury yield rose to 4.400%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
over the past 24 years, the next two weeks have been historically strong for the $QQQ including the biggest average week of the year as summer starts! what’s it going to be in 2024? #seasonality pic.twitter.com/PNlzeIJpwn
— David Cox, CMT, CFA (@DavidCoxRJ) June 28, 2024
Today’s Chart of the Day was shared by David Cox. (@DavidCoxRJ).
- The Nasdaq ($QQQ) has been unchanged over the past two weeks. However, David points out that the next two weeks have historically been strong.
- Earlier this week, Jeff Hirsch of The Stock Traders Almanac examined this seasonal tailwind in a note titled “Christmas in July.“
- Jeff noted, “This 12-day run has been up 30 of the past 39 years with an average historical gain of +2.5%. Look for this rally to begin around June 26 and run until about July 12.”
The takeaway: The Nasdaq ($QQQ) has been indecisive for two weeks now, printing back-to-back Doji candles. Given this seasonal tailwind over the next two weeks, $QQQ *should* resolve decisively higher in the coming days. But, if it resolves lower during this bullish period, it will be a red flag.
Quote of the Day
“Feeling gratitude and not expressing it is like wrapping a present and not giving it.”
– William Arthur Ward
Top Links
July Remains King of Day 1 Performance – Quantifiable Edges
Rob Hanna points out that the S&P 500 has historically leaned bullish on the first trading day of July.
July 4th Bullish Pre-Holiday Trade, Bearish After – Almanac Trader
Jeff Hirsch looks at how stocks perform before and after July 4th.
Big Day! Why Does it Matter to You? – All Star Charts
JC Parets highlights a few noteworthy monthly candlestick charts.
Thin – The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the noteworthy trends across the markets.
Nasdaq Rejects New Highs, Nike drops to 4 year lows, Bitcoin update – TradeRisk
Evan Medieros breaks down the key takeaways from this week’s price action.
Top Tweets
A banner first half of the year for U.S. stocks:
S&P 500: +14%
Nasdaq: +18%
Dow: 4% pic.twitter.com/BoqcZV6aXH— Gunjan Banerji (@GunjanJS) June 28, 2024
S&P 500 new all-time monthly high close.
Up 7 of the last 8 months.
+15% total return for the first half. pic.twitter.com/LkymdYXnI8
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) June 28, 2024
S&P 500 up double digits at the midpoint of the year?
Full year never lower and up 25.1% on avg.
Rest of year up avg 7.7% (median 9.8%) and higher nearly 83% of time. pic.twitter.com/gL0mLnHJW4
— Ryan Detrick, CMT (@RyanDetrick) June 28, 2024
“JC the market has gone parabolic. This is a bubble that is about to crash. It can’t just keep going up”
Then why have a lot of the most important sectors not gone anywhere for 4 months? By math these are constructive bases, not parabolic tops. pic.twitter.com/qGScyKAVjk
— J.C. Parets (@allstarcharts) June 28, 2024
$IWM – Small Caps are trying…. pic.twitter.com/dRIHQecmzz
— Larry Thompson (@HostileCharts) June 28, 2024
Twins
pic.twitter.com/fO10iZ82hQ
— TrendSpider (@TrendSpider) June 28, 2024
The number of commodities with a rising 200-day moving average has declined below 50% (bottom clip of chart). The number above their 200-day MA is now 52.6%. Both support our continued “moderate disinflation” view. pic.twitter.com/91bIhYPeen
— Day Hagan Asset Management (@DayHagan_Invest) June 28, 2024
Watch credit spreads.
The spread between the weakest and strongest investment-grade credits bottomed nearly two months ago. Credit concerns are rising even as stocks hit record highs.
This is unusual and was last seen in late 2021. pic.twitter.com/IzxDig4iBr
— Jason Goepfert (@jasongoepfert) June 28, 2024
Nike is on track for its worst daily performance in history (since IPO in Dec 1980)
February 27, 2001 holds the record for now at -19.45%
Back then $NKE was a $10B company
Today, they are losing roughly 3x that amount in market cap pic.twitter.com/Egpf432YMF
— Steven Strazza (@sstrazza) June 28, 2024
Nike is now down 56% from its peak in November 2021, the largest drawdown since 2000. $NKEhttps://t.co/A9CGh417SX pic.twitter.com/GtgIkw8J1y
— Charlie Bilello (@charliebilello) June 28, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, June 28, 2024 appeared first on The Chart Report.
