Daily Chart Report π Tuesday, June 18, 2024
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Todayβs Summary
Tuesday, June 18, 2024
Indices: S&P 500 +0.25% | Russell 2000 +0.16% | Dow +0.15% | Nasdaq +0.03%
Sectors: 8 of the 11 sectors closed higher. Financials led, rising +0.63%. Communications lagged, falling -0.59%.
Commodities: Crude Oil futures rose +1.24% to $80.71 per barrel. Gold futures gained +0.77% to $2,347 per oz.
Currencies: The US Dollar Index inched lower by β0.07% to $105.26.
Crypto: Bitcoin dropped -2.00% to $65,145. Ethereum fell -0.78% to $3,482.
Volatility: The Volatility Index dropped -3.53% to 12.29.
Interest Rates: The US 10-year Treasury yield fell to 4.223%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Eric Conrads (@conradseric).
- The Nasdaq 100 ($QQQ) closed at all-time highs ahead of tomorrowβs market holiday. Meanwhile, Bitcoin sank to a one-month low, violating a confluence of support at $66k.
- The two have generally trended together over the years, but theyβve diverged over the past two weeks. Bitcoin has corrected nearly -10% since the divergence began, while the Nasdaq has gained +6.8%.
- Eric points out that the 20-day correlation is at its lowest since January. Bitcoin caught up to the Nasdaq the last two times it diverged like this in January and November.
The takeaway: Bitcoin and the Nasdaq are sending conflicting messages and only one of them is telling the truth. Traders will be watching crypto extra closely over the next 24 hours, as the stock market will be closed on for Juneteenth.
Quote of the Day
βThe truth of the matter is that you always know the right thing to do. The hard part is doing it.β
β Norman Schwarzkopf
Top Links
View From The Top: 1999 vs. Now β Bespoke
Bespoke compares the current market environment to the dot-com bubble.
The XLK Technology ETF hasnβt done this since September 2020 β CappThesis
Frank Cappelleri looks at the extreme momentum in the Tech sector.
Happy Fibonacci Day 6.18 β All Star Charts
JC Parets points out that the Dow Transportation Average is testing a key Fibonacci retracement level.
Chasing the Biggest Stocks β A Wealth of Common Sense
Ben Carlson examines Mega-Capβs outperformance and the composition of the S&P 500.
Top Tweets
Youβre all caught up now. Thanks for reading!