Daily Chart Report π Friday, June 21, 2024
Powered By:
Todayβs Summary
Friday, June 21, 2024
Indices: Russell 2000 +0.23% | Dow +0.04% | S&P 500 -0.16% | Nasdaq 100 -0.26%
Sectors: 6 of the 11 sectors closed higher. Consumer Discretionary led, rising +1.59%. Utilities lagged, falling -1.03%.
Commodities: Crude Oil futures fell -0.69% to $80.73 per barrel. Gold futures dropped β1.60% to $2,331 per oz.
Currencies: The US Dollar Index rose +0.17% to $105.83.
Crypto: Bitcoin fell -1.15% to $64,102. Ethereum inched higher by +0.17% to $3,517.
Volatility: The Volatility Index fell -0.60% to 13.19.
Interest Rates: The US 10-year Treasury yield fell to 4.257%.
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 David Keller (@DKellerCMT).
- The S&P 500 rose +0.61% this week, scoring an all-time high for the third week in a row. The index has closed higher in eight of the nine weeks since the April low, gaining +10% in that time.
- Mega-Cap leaders like $NVDA and $AAPL started to stumble this week. However, David points out that the S&P 500 remains incredibly strong if itβs above last weekβs gap at 5,400.
- Momentum also remains strong. RSI reached a six-month high this week, confirming the trend rather than diverging. Falling below 5,400 would put the uptrend at risk, as it would open the door to the April low at 5,200.
The takeaway: The S&P 500 closed at record highs for the third week in a row. Breadth could be better, but the trend and momentum remain strong. Keep an eye on 5,400 for potential support next week.
Quote of the Day
βWe have, as human beings, a storytelling problem. Weβre a bit too quick to come up with explanations for things we really donβt have an explanation for.β
β Malcolm Gladwell
Top Links
Stock Market & Crypto Analysis June 21, 2024 β Alphatrends
Brian Shanon examines this weekβs price action and highlights some key levels to watch next week.
Darvas Trading Boxes β Chart Advisor β Investopedia
Frank Cappelleri applies a trend-following strategy to the S&P 500.
Deja Dot.com Disaster? β StockCharts
Carl Swenlin looks at the aftermath of the dot.com bubble.
Concentration Risk for Growth ETFs β Strategas Asset Management
Todd Sohn looks at the growing influence of Tech within the major indices.
Top Tweets
Youβre all caught up now. Thanks for reading!