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 $3,813.
Volatility: The Volatility Index fell -0.40% to 12.57.
Interest Rates: The US 10-year Treasury yield rose to 4.289%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Barchart (@Barchart).
- Today was a classic Summer trading day. The S&P 500 ($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
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