Daily Chart Report 📈 Thursday, June 20, 2024
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Today’s Summary
Thursday, June 20, 2024
Indices: Dow +0.77% | S&P 500 -0.25% | Russell 2000 -0.39% | Nasdaq 100 -0.79%
Sectors: 8 of the 11 sectors closed higher. Energy led, rising +1.84%. Technology lagged, falling -1.12%.
Commodities: Crude Oil futures rose +0.72% to $81.29 per barrel. Gold futures gained +0.94% to $2,369 per oz.
Currencies: The US Dollar Index gained +0.41% to $105.66.
Crypto: Bitcoin was flat (-0.16%) at $64,845. Ethereum fell -1.36% to $3,511.
Volatility: The Volatility Index gained +6.24% to 13.27.
Interest Rates: The US 10-year Treasury yield rose to 4.263%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Michael Kahn (@mnkahn).
- Nvidia ($NVDA) finally cracked today, forming a bearish engulfing candle. However, it must continue lower tomorrow before this bearish pattern can be confirmed.
- $NVDA printed a similar candle on March 8th before correcting -20%. Michael compares the two reversal candles, pointing out that volume was twice as heavy on March 8th. Today’s volume was pretty average, suggesting the bears lack conviction.
- Nobody should be surprised if $NVDA pulls back here. The stock has been stronger than usual lately, surging +70% in the past two months.
The takeaway: $NVDA formed a bearish engulfing candle today after a remarkable two-month rally. Friday’s candle will either confirm or invalidate this bearish pattern.
Quote of the Day
“I don’t think it’s productive to wallow in regret. But if you’ve lost money in a stock and you don’t learn anything, that’s wasted money. Figure out what it is that you did wrong and don’t do it again.”
– Joel Tillinghast
Top Links
Is S&P 500 Equal Weight Index About To Topple Market? - Kimble Charting Solutions
Chris Kimble points out that the Equal Weight S&P 500 is testing a pivotal level.
Price Pays... But for How Long? - StockCharts.com
Julius de Kempenaer looks at the ongoing breadth divergence.
How Low Can Volatility Go - LPL Financial Research
Adam Turnquist examines the outlook for the Volatility Index ($VIX).
The Market is Due For a Pause, Says Freedom Capital’s Jay Woods - CNBC
Jay Woods offers his technical perspective on the market.
Asset Allocation, Momentum Trading, & Recession-Resilient Portfolios | Ryan Detrick (Carson Group) - Trends with Friends
Ryan Detrick joins the Trends with Friends podcast to share his perspective on markets and more.