Daily Chart Report 📈 Tuesday, June 25, 2024
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Today’s Summary
Tuesday, June 25, 2024
Indices: Nasdaq +1.16% | S&P 500 +0.39% | Russell 2000 -0.42% | Dow -0.76%
Sectors: 3 of the 11 sectors closed higher. Tech led, rising +1.83%. Real Estate lagged, falling -1.41%.
Commodities: Crude Oil futures fell -0.98% to $80.83 per barrel. Gold futures fell -0.58% to $2,331 per oz.
Currencies: The US Dollar Index rose +0.13% to $105.62.
Crypto: Bitcoin gained +2.55% to $61,789. Ethereum rose +1.31% to $3,394.
Volatility: The Volatility Index dropped -3.75% to 12.84.
Interest Rates: The US 10-year Treasury yield rose to 4.250%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
1) Notable triangulation. pic.twitter.com/NDFRQIZwTP
— Mark Ungewitter (@mark_ungewitter) June 25, 2024
Today’s Chart of the Day was shared by Mark Ungewitter (@mark_ungewitter).
- It feels like everyone is a breadth expert these days. However, the most experienced technicians we follow don’t seem nearly as concerned.
- Breadth has been persistently bad since the bull market began, yet the S&P 500 keeps climbing. If the index was able to survive when breadth was poor, it will likely thrive if breadth starts to improve.
- Mark points out that the Equal Weight S&P 500 has coiled into a tight triangle pattern, suggesting a large move is coming. It could resolve lower, but the path of least resistance is higher, considering it has reached a major support level relative to the S&P 500.
The takeaway: The Equal-Weight S&P 500 is primed for a large move in either direction, and the path of least resistance is higher. A potential breakout would symbolize breadth expansion.
Quote of the Day
“You should expect the unexpected in this business; expect the extreme. Don’t think in terms of boundaries that limit what the market might do.”
– Richard Dennis
Top Links
Chris Kimble looks at the recent pullback in Semiconductor stocks.Bitcoin is Close to Breaching a Key Support Level That Could Trigger Another 15% Slide – Business Insider
Katie Stockton highlights some key levels for Bitcoin.
End of Quarter NASDAQ 100 Pile-On – StockCharts
Bruce Fraser examines the outlook for the Nasdaq 100 in Q3.
Ounces of Gold to Buy 1 Bitcoin – All Star Charts
JC Parets looks at the recent action in Bitcoin.
Top Tweets
That thing that’s been happening is still happening. pic.twitter.com/UlQ17ZEB7w
— Eddy Elfenbein (@EddyElfenbein) June 25, 2024
This is a really, really freaking weird tape: pic.twitter.com/YSQE3RAgLz
— Luke Kawa (@LJKawa) June 25, 2024
We seem to have forgotten what a true equity market bubble looks like… pic.twitter.com/8ulfsNcfIb
— Gina Martin Adams (@GinaMartinAdams) June 26, 2024
Breadth hasn’t been great, but it isn’t all bad news.
We haven’t more than two days in a row of more stocks down than up in over two months.
Currently at 5 days in a row with more stocks up than down, which is the best stretch since March. pic.twitter.com/AccyVtfHuG
— Willie Delwiche, CMT, CFA (@WillieDelwiche) June 25, 2024
Stock correlation within the S&P 500 is approaching 20-year lows –BofA pic.twitter.com/2Qj5X99Ybk
— Gunjan Banerji (@GunjanJS) June 25, 2024
The chart below shows the ratio of the Russell 2000 since inception in 1979 to the S&P 100. Over the entire period, both indices are up by nearly identical amounts with the Russell 2000 even outperforming by a very slight margin (+4,913% vs +4,898%). pic.twitter.com/1y7x7G0GM0
— Bespoke (@bespokeinvest) June 25, 2024
Third times a charm for T-bonds?$TLT $ZB_F pic.twitter.com/DeZqoKAmD3
— Shane C. Murphy (@murphycharts) June 25, 2024
Riddle me this…..
A top? or not a top? pic.twitter.com/DK3gNfwUxp
— Grant Hawkridge (@granthawkridge) June 25, 2024
Yep.$NDX $ES_F https://t.co/gKUzbQp5Hf pic.twitter.com/NFsjNHRcg2
— Arun S. Chopra CFA CMT
(@FusionptCapital) June 25, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, June 25, 2024 appeared first on The Chart Report.
