Daily Chart Report 📈 Monday, June 10, 2024
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Today’s Summary
Monday, June 10, 2024
Indices: Nasdaq 100 +0.39% | S&P 500 +0.26% | Russell 2000 +0.25% | Dow +0.18%
Sectors: 8 of the 11 sectors closed higher. Utilities led, rising +1.29%. Financials lagged, falling -0.39%.
Commodities: Crude Oil futures rose +2.93% to $77.74 per barrel. Gold futures inched higher by +0.09% to $2,327 per oz.
Currencies: The US Dollar Index rose +0.16% to $105.10.
Crypto: Bitcoin inched lower by -0.20% to $69,501. Ethereum fell -1.07% to $3,666.
Volatility: The Volatility Index gained +4.42% to 12.75.
Interest Rates: The US 10-year Treasury yield rose to 4.471%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Probably NOT tops… $IHAK $FDN $IGV pic.twitter.com/ko4Zu1Iwk8
— Steven Strazza (@sstrazza) June 10, 2024
Today’s Chart of the Day was shared by Steve Strazza (@sstrazza).
- While Semiconductors have gained weight within the Technology sector this year, other areas of Tech have lost momentum.
- Cybersecurity ($IHAK), Internet ($FDN), and Software stocks ($IGV) have rolled over since the end of last year. These bearish topping patterns have had plenty of time to work lower, but price has refused to break down.
- Steve points out that these topping patterns are failing. As we know, Failed Tops are often incredibly bullish.
The takeaway: Several popular Tech ETFs have rolled over since the end of last year. These topping patterns *should* be bearish, but they’re starting to resolve higher instead. It’s often bullish when bearish patterns fail.
Quote of the Day
“The wise investor recognizes that success is a process of continually seeking answers to new questions.”
– Sir John Templeton
Top Links
Apple’s “Golden” Moment – Bespoke
Bespoke points out that Apple ($AAPL) is close to a Golden Cross signal as the 50-DMA approaches the 200-DMA from below.
June Strategy Session: 3 Key Takeaways – All Star Charts
The team at All Star Charts highlights three things to watch in the month ahead.
Struggle Bus – The Weekly Trend Podcast
David Zarling and Ian McMillan discuss some of the noteworthy trends across the markets.
10-Year Treasury Yield is Too High – Pulsen Perspectives
Jim Paulsen examines the outlook for Bonds.
Top Tweets
S&P 500 continues to hit record highs on EXTREMELY low volume. Today was the 4th lowest volume day of the year for $SPY. Three of this year’s four lowest volume days have come in the last week. All 4 of the lowest volume days have come in the last 3 weeks. pic.twitter.com/jj7cHC5ZNr
— Barchart (@Barchart) June 10, 2024
Here’s what the world’s most important stock market index has done over the past 3 months. Nothing. pic.twitter.com/GKROIfxfKV
— J.C. Parets (@allstarcharts) June 10, 2024
Small-Caps $IWM still not able to break out of multiyear trading range.
Weekly Stochastics indicating lower prices ahead: pic.twitter.com/GQpeyOJEvT
— John Rothe, CMT (@JohnRothe) June 10, 2024
I’m not saying it will happen again, but it has happened before…$RUT $IWM $NDX $QQQ pic.twitter.com/OiyCS2Q129
— Ian McMillan, CMT (@the_chart_life) June 10, 2024
The emotionally charged “Hindenburg Omen” indicates a split market, but is notorious for false positives. The study below identifies 15-day clusters on both NYSE and Nasdaq, via digital indicator. From this vantage, the current cluster on Nasdaq alone may well be a red herring. pic.twitter.com/wqY1xIacy9
— Mark Ungewitter (@mark_ungewitter) June 10, 2024
Energy-Most likely we are ready for another leg higher here. pic.twitter.com/LupIMkOUaf
— Against All Odds Research (@JasonP138) June 10, 2024
WTI $USO best day in more than 5 months pic.twitter.com/vxxwyTsJrL
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) June 10, 2024
Hedge Funds have the lowest Oil positioning ever.
Worse than 2020. pic.twitter.com/2qZaNmxwyZ
— Macro Charts (@MacroCharts) June 10, 2024
Any theories regarding what “Doctor Copper” is trying to tell us here?
I am open to any serious opinions. @sentimentrader pic.twitter.com/8KNMqq6XBB— Jay Kaeppel (@jaykaeppel) June 10, 2024
In my 35-years in this biz, I do not recall ever seeing someone defend a price level like someone is defending $INTC at $30. Incredible. pic.twitter.com/YSd31gNgFA
— RenMac: Renaissance Macro Research (@RenMacLLC) June 10, 2024
The buyback blackout period will start ramping up in a week or so. Since 2013, S&P 500 performance during blackout periods and non-blackout periods was similar. However, over the past 3 years, stock performance was >twice as good during buyback periods. h/t @NDR_Research pic.twitter.com/bnpypcmTp0
— Day Hagan Asset Management (@DayHagan_Invest) June 10, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, June 10, 2024 appeared first on The Chart Report.
