Daily Chart Report 📈 Monday, June 10, 2024
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Today’s Summary
Monday, June 10, 2024
Indices: Nasdaq 100 +0.39% | S&P 500 +0.26% | Russell 2000 +0.25% | Dow +0.18%
Sectors: 8 of the 11 sectors closed higher. Utilities led, rising +1.29%. Financials lagged, falling -0.39%.
Commodities: Crude Oil futures rose +2.93% to $77.74 per barrel. Gold futures inched higher by +0.09% to $2,327 per oz.
Currencies: The US Dollar Index rose +0.16% to $105.10.
Crypto: Bitcoin inched lower by -0.20% to $69,501. Ethereum fell -1.07% to $3,666.
Volatility: The Volatility Index gained +4.42% to 12.75.
Interest Rates: The US 10-year Treasury yield rose to 4.471%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Steve Strazza (@sstrazza).
- While Semiconductors have gained weight within the Technology sector this year, other areas of Tech have lost momentum.
- Cybersecurity ($IHAK), Internet ($FDN), and Software stocks ($IGV) have rolled over since the end of last year. These bearish topping patterns have had plenty of time to work lower, but price has refused to break down.
- Steve points out that these topping patterns are failing. As we know, Failed Tops are often incredibly bullish.
The takeaway: Several popular Tech ETFs have rolled over since the end of last year. These topping patterns *should* be bearish, but they’re starting to resolve higher instead. It’s often bullish when bearish patterns fail.
Quote of the Day
“The wise investor recognizes that success is a process of continually seeking answers to new questions.”
– Sir John Templeton
Top Links
Apple's "Golden" Moment - Bespoke
Bespoke points out that Apple ($AAPL) is close to a Golden Cross signal as the 50-DMA approaches the 200-DMA from below.
June Strategy Session: 3 Key Takeaways - All Star Charts
The team at All Star Charts highlights three things to watch in the month ahead.
Struggle Bus - The Weekly Trend Podcast
David Zarling and Ian McMillan discuss some of the noteworthy trends across the markets.
10-Year Treasury Yield is Too High - Pulsen Perspectives
Jim Paulsen examines the outlook for Bonds.