Daily Chart Report 📈 Tuesday, June 11, 2024

Patrick Dunuwila The Chart Report

11 months ago

5 MIN READ

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Today’s Summary
Tuesday, June 11, 2024

Indices: Nasdaq 100 +0.71% | S&P 500 +0.27% | Russell 2000 -0.31% | Dow -0.36%

Sectors: 2 of the 11 sectors closed higher. Technology led, rising +1.86%. Financials lagged, falling -1.14%.

Commodities: Crude Oil futures rose +0.21% to $77.90 per barrel. Gold futures were flat at $2,326 per oz.

Currencies: The US Dollar Index rose +0.15% to $105.26.

Crypto: Bitcoin fell -3.16% to $67,306. Ethereum dropped -4.60% to $3,497.

Volatility: The Volatility Index gained +0.86% to 12.86.

Interest Rates: The US 10-year Treasury yield dropped to 4.406%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

All you need is $AAPL pic.twitter.com/OSJKXb83rr

— Brian Lund (@bclund) June 11, 2024

Today’s Chart of the Day was shared by Brian Lund (@bclund).

Apple ($AAPL) violently broke out to an all-time high today. The stock had its best day since November 2022, surging +7.26% on high volume. It closed firmly above $200 for the first time.

In less than a year, $AAPL has gone from being the largest stock in the S&P 500 to the third-largest after being surpassed by Microsoft ($MSFT) and Nvidia ($NVDA). However, $AAPL single-handedly kept the S&P 500 in positive territory today.

$AAPL hasn’t participated in the bull market over the past year. It’s been rangebound, but it’s finally resolving higher. Seasonality is also bullish, considering $AAPL has a perfect track record in July over the past eight years, boasting an impressive average gain of +8.23%.

The takeaway: The third-largest stock, Apple Inc. ($AAPL), broke out to all-time highs today. It has made ZERO progress over the past year, but it looks ready to resume its primary uptrend.

Quote of the Day

“The world is changed by your example, not by your opinion.”

– Paulo Coelho

Top Tweets

$SPY new all-time high … on even lower volume

Still spends the same. pic.twitter.com/rweA1c7HhV

— Mike Zaccardi, CFA, CMT (@MikeZaccardi) June 11, 2024

The count is now 27 for 2024 pic.twitter.com/hNzSoUHiQA

— Grant Hawkridge (@granthawkridge) June 11, 2024

Not hard to find evidence of the ‘anticipation’ behind the markets before the #FOMC and #CPI tomorrow.

The current 4-day range on the $SPX (as a percentage of spot) is one of the lowest (5th) in two-and-a-half years: pic.twitter.com/CCKSQxg0jR

— John Kicklighter (@JohnKicklighter) June 11, 2024

Tomorrow is the first time since June 2020 that both #CPI and the #FOMC meeting were on the same day.

The $VIX is relatively sanguine at just ~13 ahead of the fireworks. pic.twitter.com/xLDB6QXHu9

— Matt Weller CFA, CMT (@MWellerFX) June 11, 2024

Heading into this week’s Fed meeting, $KRE is testing its record low versus the S&P 500 that was made following SVB’s collapse last year. pic.twitter.com/98lKWl2geK

— Rob Anderson (@_rob_anderson) June 11, 2024

Caution: Did you know the S&P 500 made a higher high today. However, market breadth continues to weaken. S&P Bullish % age, and stocks above 50 and 20 day Moving Average. #stockmarket pic.twitter.com/DGZPFB3QPh

— Bonnie Gortler (@Optiongirl) June 11, 2024

The S&P 500 is on track for a new high, even though…

• More NYSE issues are hitting 52-week lows than highs
• More NYSE issues are declining than advancing
• More NYSE volume is flowing into losers than winners

Over the past 60 years, this hasn’t happened very often. pic.twitter.com/nal6dUNJET

— Jason Goepfert (@jasongoepfert) June 11, 2024

All good?? pic.twitter.com/QjfzrIqx5c

— Jim Carroll (@vixologist) June 11, 2024

The S&P 500 is up 12.7% in the first 112 trading days of 2024. Fun fact: this is the best start to a presidential election year on record.https://t.co/mpJBYGzNyy pic.twitter.com/NZJJcvf5fI

— Charlie Bilello (@charliebilello) June 11, 2024

$BTC is so far finding support at the AVWAP from all-time highs. pic.twitter.com/RBR4y0F0VE

— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) June 11, 2024

3 names now each >6% of S&P index weight… uncommon (or new normal?) time for market history. pic.twitter.com/gskT3R7LOF

— Todd Sohn (@Todd_Sohn) June 11, 2024

With a monster +7.26% move up to new all-time highs, $AAPL just posted its largest single day gain since November of 2022 and its highest volume day since May of 2022 pic.twitter.com/g77Vbvbilr

— Grayson Roze (@GraysonRoze) June 11, 2024

Keep an eye on $AAPL heading into next month…

The stock has a perfect record over the last 8 years in July, with a massive mean return of +8.23% pic.twitter.com/JCcAxG5m7n

— TrendSpider (@TrendSpider) June 11, 2024