Daily Chart Report 📈 Monday, June 3, 2024
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Today’s Summary
Monday, June 3, 2024
Indices: Nasdaq 100 +0.35% | S&P 500 +0.11% | Dow -0.30% | Russell 2000 -0.50%
Sectors: 3 of the 11 sectors closed higher. Health Care led, rising +0.70%. Energy lagged, dropping -2.62%.
Commodities: Crude Oil futures dropped -3.60% to a three-month low of $74.22 per barrel. Gold futures rose +1.00% to $2,369 per oz.
Currencies: The US Dollar Index fell -0.55% to $104.05.
Crypto: Bitcoin rose +1.55% to $68,801. Ethereum fell -0.33% to $3,766.
Volatility: The Volatility Index rose +1.63% to 13.12.
Interest Rates: The US 10-year Treasury yield dropped to 4.392%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Best May for the S&P 500 in 15 years.
Looking at the 10 best monthly returns ever in May showed the future returns were quite impressive.
Rest of year up double the avg year (10.5% vs 4.9%) and June up 1.0% on avg vs negative. pic.twitter.com/fPuSMgbYXo
— Ryan Detrick, CMT (@RyanDetrick) June 3, 2024
Today’s Chart of the Day was shared by Ryan Detrick (@RyanDetrick).
- The S&P 500 just had its best May in 15 years, gaining +4.80%. Ryan points out that the remainder of the year tends to do well when May is unusually strong.
- Looking at the 10 best monthly returns in May, the rest of the year has historically done more than twice as well on average (+10.5% vs. +4.9%).
- June has been up 80% of the time for an average gain of +1.0% after a strong May compared with 55% of the time for an average loss of -0.1% in all years.
The Takeaway: The S&P 500 just had its best May in 15 years. History shows us that momentum tends to persist in the remainder of the year when May is unusually strong.
Quote of the Day
“A lot of people would rather understand the market than make money”
– Ed Seykota
Top Links
Hindenburg Omen Flashes Initial Sell Signal – StockCharts
David Keller looks at an ominous sell signal known as the Hindenburg Omen.
The Market is Rigged – All Star Charts
JC Parets shares his thoughts on the current market environment.
The Beautiful Symmetry of Past Bitcoin Bull Market Cycles – The Factor Report
Peter Brandt examines the outlook for Bitcoin using past market cycles.
Ari Wald on Big Moves in Stocks, Commodities, and Bitcoin – Financial Sense
Ari Wald offers his technical perspective on the major indices, Nvidia, Gold, Bitcoin, and more.
Top Tweets
S&P 500 $SPX
monthly #bullengulfing candlestick – difficult to take bearish opinions seriously with such action… #MACDhist ticking up… pic.twitter.com/4rIm3fMhRQ
— David Cox, CMT, CFA (@DavidCoxRJ) June 3, 2024
Low-volatility regimes can last longer than you think. pic.twitter.com/Q74uf06KUf
— Mark Ungewitter (@mark_ungewitter) June 3, 2024
$SMH just logged its SEVENTH monthly gain of at least 12% since the October’22 low.
It’s now approximately +200% since then.
That’s among its best multi-year runs since the Great Financial Crisis low.
The ETF has had an overbought 14-month RSI reading for the last few… pic.twitter.com/LC7s1XWfUa
— Frank Cappelleri (@FrankCappelleri) June 3, 2024
How concerned should the market be about the tech sector? Breadth is bleeding lower (just 64% above 200MA), and the software industry has been stagnant since February. $XLK pic.twitter.com/vI7KqTJpk8
— Andrew Thrasher, CMT (@AndrewThrasher) June 3, 2024
Crude Oil has fallen to its lowest price since early February pic.twitter.com/OKy6VST4np
— Barchart (@Barchart) June 4, 2024
The US Dollar Index appears to be on the verge of breaking down. pic.twitter.com/glqTeHR2mV
— Sam Gatlin (@sam_gatlin) June 4, 2024
Notice how crude (#CL_F) leads $DXY price action over the last year. pic.twitter.com/6JJCZpJeBT
— Kevin Green (KG), MSDA (@KGBULLANDBEAR) June 3, 2024
*BRENT CRUDE FALLS BELOW $80 A BARREL FIRST TIME SINCE FEBRUARY
Is it this easy to forecast yields? Just watch Crude Oil?
Is OPEC more influential on the 10-year yield than the FOMC? pic.twitter.com/oTLHQ1f5zo
— Jim Bianco (@biancoresearch) June 3, 2024
Goldman Sachs Commodities Index – worst 4-day stretch of the year $GTX pic.twitter.com/uDmHV87LOG
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) June 3, 2024
If you followed seasonality you would not be surprised that commodities have been pulling back. You might also be looking for another buying opportunity in mid-to-late July. @sentimentrader pic.twitter.com/v1RHCidoFw
— Jay Kaeppel (@jaykaeppel) June 3, 2024
As mentioned on @StockMktTV #Bitcoin is on its way higher again, new highs look to be on the way, worst case stop below Friday low pic.twitter.com/Kn98xH6UIr
— Brian Shannon, CMT (@alphatrends) June 3, 2024
If you like #bitcoin to $100k, then you gotta be long $COIN: pic.twitter.com/VHYIheIRFC
— Sean McLaughlin, NLD
( formerly @chicagosean) (@OptionsSean) June 3, 2024
I guess somebody didn’t like the election results in Mexico.
pic.twitter.com/MU06E23hos
— Jim Carroll (@vixologist) June 3, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, June 3, 2024 appeared first on The Chart Report.
