Daily Chart Report 📈 Thursday, June 6, 2024
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Today’s Summary
Thursday, June 6, 2024
Indices: Dow +0.20% | S&P 500 -0.02% | Nasdaq 100 -0.07% | Russell 2000 -0.70%
Sectors: 7 of the 11 sectors closed higher. Consumer Discretionary led, rising +0.73%. Utilities lagged, falling -1.04%.
Commodities: Crude Oil futures rose +2.00% to $75.55 per barrel. Gold futures gained +0.65% to $2,391 per oz.
Currencies: The US Dollar Index fell -0.19% to $104.09.
Crypto: Bitcoin fell -0.48% to $70,775. Ethereum dropped -1.35% to $3,813.
Volatility: The Volatility Index fell -0.40% to 12.57.
Interest Rates: The US 10-year Treasury yield rose to 4.289%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
JUST IN
: S&P 500 $SPY finished with its lowest volume in 18 years (excluding holiday-shortened trading days) pic.twitter.com/fQMuHAZxR7
— Barchart (@Barchart) June 6, 2024
Today’s Chart of the Day was shared by Barchart (@Barchart).
- Today was a classic Summer trading day. The S&P 500 ($SPY) was completely unchanged (0.00%), and volume was extremely light. According to Barchart, this was the lightest volume in 18 years.
- Volume has steadily declined since the April low, while price has rebounded to all-time highs. The 20-day average volume for $SPY hasn’t been this low since July 2019.
- Old school technical analysis says volume should confirm the trend by increasing with price. However, in today’s market, volume typically decreases as an uptrend becomes established.
The takeaway: Volume has dried up recently while $SPY has rallied to new highs. However, that’s nothing unusual. As they say, “Never short a dull market!”
Quote of the Day
“Plans are useless, but planning is indispensable.”
– Dwight D. Eisenhower
Top Links
Three Things for the Bulls – Carson Research
Ryan Detrick shares some bullish food for thought.
Counter Attack – Trading Adventures
Andy Moss highlights some key takeaways from this week’s price action.
A Pullback Opportunity in Copper – LPL Financial Research
Adam Turnquist examines the outlook for Copper.
European Equities Beginning to Outpace U.S., Says Fairlead Strategies’ Katie Stockton
Katie Stockton discusses the improvement in European stocks.
Top Tweets
You Are Here
June/July/Aug are the best three months during an election year. pic.twitter.com/TRT0Ne7cXv
— Ryan Detrick, CMT (@RyanDetrick) June 6, 2024
Nasdaq 100 breadth getting a little shaky…$QQQ $NDX $NQ_F pic.twitter.com/7GW9nIWps1
— Ian McMillan, CMT (@the_chart_life) June 6, 2024
S&P500 keeps clocking new highs…
BUT the differential new highs to new lows AND the percentage of stocks trading above their 50d MAV seem to stay on the platformpic.twitter.com/ogyTOjd5LM
— conradseric, CMT, CAIA, CEFA (@conradseric) June 6, 2024
On a cumulative basis since 2009, the issuance of shares totals $2.7 trillion, while the reduction in shares totals $21.3 trillion. That’s a huge supply/demand imbalance against a market cap of $44 trillion. No wonder the market has gained so much since the secular bull market… pic.twitter.com/fEQMH01kfP
— Jurrien Timmer (@TimmerFidelity) June 6, 2024
Monthly charts for $AMZN $BTC $TTD $ASML.
All emerging from multi-year bases.
Plenty of runway for this bull market. pic.twitter.com/prwpP5HcCk— Brian G (@alphacharts) June 6, 2024
the U.S. stock markets have been going up, but even the Nasdaq Composite is barely hanging on to a Top 10 spot YTD this year (’24): pic.twitter.com/yyNt7Zy8C9
— David Cox, CMT, CFA (@DavidCoxRJ) June 6, 2024
#Gold is popping out of its sideways range to a 2-week high at $2375.
From a bigger picture perspective, the year-to-date uptrend remains intact, setting the stage for a potential continuation toward record highs near $2450. pic.twitter.com/DflamYdyuQ
— Matt Weller CFA, CMT (@MWellerFX) June 6, 2024
Silver is loose $SLV pic.twitter.com/hiJvaDoAM1
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) June 6, 2024
The 10-year Treasury yield has fallen below 4.33%, a key level of support and resistance over the last 18mo, in addition to its 200d MA. Trend shift? pic.twitter.com/FMLiDKyuhT
— Liz Young (@LizYoungStrat) June 6, 2024
$NVDA quarterly revenue growth almost as parabolic as the stock price.
pic.twitter.com/JNgXaBfBOT
— TrendSpider (@TrendSpider) June 6, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, June 6, 2024 appeared first on The Chart Report.
