Daily Chart Report π Thursday, June 12, 2024
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Todayβs Summary
Wednesday, June 12, 2024
Indices: Russell 2000 +1.62% | Nasdaq +1.33% | S&P 500 +0.85% | Dow -0.09%
Sectors: 5 of the 11 sectors closed higher. Technology led, rising +2.21%. Consumer Staples lagged, falling -1.10%.
Commodities: Crude Oil futures rose +0.77% to $78.50 per barrel. Gold futures rose +1.21% to $2,355 per oz.
Currencies: The US Dollar Index dropped -0.54% to $104.68.
Crypto: Bitcoin gained +1.39% to $68,243. Ethereum rose +1.75% to $3,559.
Volatility: The Volatility Index dropped -6.45% to 12.03.
Interest Rates: The US 10-year Treasury yield dropped to 4.316%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Justin Spittler (@JSpitTrades).
- Market participants have been worried about weak breadth since the bull market began, yet the market keeps hitting record highs.
- While breadth has been deteriorating and diverging recently, a meaningful expansion could be around the corner.
- Justin points out that the Equal-Weight Nasdaq 100 ETF ($QQQE) is trying to break out of a two-year base again after failing its initial attempt in March. A breakout would signify a broad and healthy bull market.
The takeaway: The Equal-Weight Nasdaq 100 ($QQQE) is flirting with record highs while many are concerned about narrow leadership.
Quote of the Day
βIt is usually a much simpler matter to forecast a bull market than to call the turn at its end.β
β Philip Carret
Top Links
Rate Cut Optimism Fuels Election Year June Strength - Alamanc Trader
Jeff Hirsch checks in on June seasonality.
The $3 Trillion Club Welcomes You - All Star Charts
JC Parets looks at $MSFT, $AAPL, and $NVDA.
VWAP and Anchored VWAP from Event Daytrade SPY $ES_F - Alphatrends
Brian Shannon breaks down today's price action using the anchored VWAP.
Will Large Cap Outperformance Continue? - Schaeffer's Investment Research
Rocky White examines the continued outperformance from Large Caps.