Daily Chart Report ๐ Friday, June 7, 2024
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Todayโs Summary
Friday, June 7, 2024
Indices: S&P 500 -0.11% | Nasdaq 100 -0.11% | Dow -0.22% | Russell 2000 -1.12%
Sectors: 4 of the 11 sectors closed higher. Financials led, rising +0.46%. Utilities lagged, falling -1.09%.
Commodities: Crude Oil futures were flat at $75.53 per barrel. Gold futures slid -2.76% to $2,325 per oz.
Currencies: The US Dollar Index gained +0.81% to $104.93.
Crypto: Bitcoin fell -2.05% to $69,326. Ethereum dropped -3.56% to $3,677.
Volatility: The Volatility Index fell -2.86% to 12.21.
Interest Rates: The US 10-year Treasury yield jumped to 4.435%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Michael Kahn (@mnkahn).
- It was an ugly day for Precious Metals. Gold dropped -2.76%, while Silver had its worst day since Feb. 2021, plunging -6.14%.
- Michael points out that Gold broke the neckline of a two-month Head & Shoulders Top today. It also closed below a rising 50-day moving avg. for the first time since February.
- Gold formed a Bearish Momentum Divergence over the past two months. RSI failed to confirm the most recent all-time high, and itโs been unable to reach overbought territory lately.
The takeaway: Gold broke down from a Head & Shoulders pattern today after losing momentum over the past two months. This opens the door to further downside in the near term. However, the uptrend remains intact.
Quote of the Day
โInvesting in the market without knowing what stage it is in is like selling life insurance to 20-year-olds and 80-year-olds at the same premium.โ
โ Victor Sperandeo
Top Links
Economic Data Whack-a-Mole, Light Volume, and Roaring Kitty โ Trade Risk
Evan Medeiros breaks down this weekโs price action.
Only One Pocket of Strength Left in US Stock Market โ StockCharts
Julius de Kempener looks at the outperformance from Large-Cap Growth.
The HX Podcast with Enrique Abeyta โ HX Podcast
Enrique Abeyta and Frank Cappelleri discuss technical analysis, institutional trading, and more.
Copperโs Sharp Drop Shocks the Bulls โ All Star Charts
Ian Culley examines the recent pullback in Copper futures.