Daily Chart Report 📈 Thursday, June 13, 2024
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Today’s Summary
Thursday, June 13, 2024
Indices: Nasdaq 100 +0.57% | S&P 500 +0.23% | Dow -0.17% | Russell 2000 -0.88%
Sectors: 5 of the 11 sectors closed higher. Technology led, rising +0.79%. Energy lagged, falling -0.92%.
Commodities: Crude Oil futures inched higher by +0.15% to $78.62 per barrel. Gold futures dropped -1.56% to $2,318 per oz.
Currencies: The US Dollar Index rose +0.53% to $105.24.
Crypto: Bitcoin fell -2.21% to $66,733. Ethereum fell -2.54% to $3,468.
Volatility: The Volatility Index fell -0.67% to 11.95.
Interest Rates: The US 10-year Treasury yield dropped to 4.246%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
20 YR Treasury bonds $TLT are getting closer to breaking a key resistance level on the daily chart. Would need to get above yesterdays high of day for confirmation. pic.twitter.com/l9hVm4249c
— Ross J Brown (@RJB_Financial) June 13, 2024
Today’s Chart of the Day was shared by Ross J Brown (@RJB_Financial).
- The +20-Year Treasury Bond ETF ($TLT) is on track for its best week year-to-date, closing at a two-month high today.
- Ross points out that $TLT is testing a level of polarity, around $93. This level has acted as either support or resistance numerous times in the past two years.
- Since the pandemic, $TLT has been in a nasty downtrend. However, it has stabilized this year, forming a higher low in April. Today’s breakout opens the door to the December peak (around $100). Clearing this hurdle would mark a higher high and, therefore, a new uptrend.
The takeaway: $TLT is trying to reclaim a pivotal level, around $93. The next major resistance level is the December high, around $100. Clearing the December highs would confirm a new uptrend.
Quote of the Day
“History always repeats. But never in detail. It’s the details that fool people.”
– Edson Gould
Top Links
Sideways. Then up. Then … – Trading Adventures
Andy Moss highlights some key takeaways from this week’s price action.
S&P 500 Records on Repeat – LPL Financial Research
Adam Turnquist examines the lack of participation within the S&P 500.
Tech Sectors Impact on Market Breadth Amid a Record Bull Run – Yahoo Finance
JC Parets and Jared Blikre discuss the current market environment.
HY Bonds Will Confirm the Tech Rally – All Star Charts
Ian Culley looks at what High Yield Bonds suggest for Stocks and risk appetite.
The Bulls are Showing Up | The Morning Show – StockMarket TV
Respected technician Jeff deGraaf offers his perspective on the market as we enter the year’s second half.
Top Tweets
Draw a simple trendline from the October low on $SPX and watch for breaks. A breach signals a change of character in the market. #StockMarket#BearishDivergence#TradingTips#Investing#MarketAnalysis pic.twitter.com/LuRVwm1bre
— David Keller, CMT (@DKellerCMT) June 13, 2024
uptrends in stocks have rolled over pic.twitter.com/Di6JEVQ3Yx
— Grant Hawkridge (@granthawkridge) June 13, 2024
The majority of stocks across all 3 market caps are below their 50 day moving average.
Ugly………$SPX – 44% Above $MID – 39% Above $SML – 36% Above pic.twitter.com/k5WE8KxCM3
— Larry Thompson (@HostileCharts) June 13, 2024
Even within the Tech sector, every industry outside of AI (Semiconductors) is struggling. pic.twitter.com/gxtUVNSneK
— Regan Teague, CFA®,CFP® (@reganteague) June 13, 2024
Fresh all-time relative lows for Regionals…$KRE $SPX pic.twitter.com/Vf3lGN7zjR
— Ian McMillan, CMT (@the_chart_life) June 13, 2024
General level of implied vol has been falling over the past couple of months and the October election hump has also dropped. Short vol for the win?? pic.twitter.com/0gQngmQ9Xp
— Jim Carroll (@vixologist) June 13, 2024
$TNX 10yr yield lowest close since March 28 pic.twitter.com/wQiZdSfdJH
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) June 13, 2024
10 year yield $TNX – amid the hoopla in big tech, this is one of the clearest charts out there. It means ‘buy bonds’. pic.twitter.com/w94KpgJB3W
— Jamie Saettele, CMT (@JamieSaettele) June 13, 2024
The US Dollar Index $DXY is now trading HIGHER than it was before yesterday’s big #CPI miss.
Is this the start of a safe haven bid for the greenback amid global growth fears? pic.twitter.com/MbkgMp3Elu
— Matt Weller CFA, CMT (@MWellerFX) June 13, 2024
Which one is it!? $DJT $SMH pic.twitter.com/WybUXQ1EKQ
— Steven Strazza (@sstrazza) June 13, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, June 13, 2024 appeared first on The Chart Report.
