Daily Chart Report π Monday, June 3, 2024
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Todayβs 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
π Todayβs 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.