Daily Chart Report 📈 Monday, June 24, 2024
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Today’s Summary
Monday, June 24, 2024
Indices: Dow +0.67% | Russell 2000 +0.43% |S&P 500 -0.31% | Nasdaq 100 -1.15%
Sectors: 6 of the 11 sectors closed higher. Energy led, rising +1.70%. Tech lagged, dropping -2.31%.
Commodities: Crude Oil futures rose +1.11% to $81.63 per barrel. Gold futures rose +0.57% to $2,344 per oz.
Currencies: The US Dollar Index fell -0.33% to $105.48.
Crypto: Bitcoin dropped -4.60% to $60,252. Ethereum fell -2.00% to $3,350.
Volatility: The Volatility Index rose +1.14% to 13.34.
Interest Rates: The US 10-year Treasury yield fell to 4.230%
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Keith Kern (@kkernttb).
- Biotech has been surprisingly strong recently. The Biotech ETF ($IBB) closed higher for the third straight day, while the S&P 500 closed lower for the third straight day.
- Keith points out that $IBB gapped above a four-month downtrend line today (blue). It has formed a solid Inverted Head & Shoulders pattern over the past six months, and it’s testing the neckline at $140.
- If $IBB clears the neckline of this bullish pattern at $140, it will open the gates to new multi-year highs. Biotech has persistently lagged since 2015, but it’s starting to show meaningful improvement.
The takeaway: Biotech ($IBB) has ripped higher over the past three days, while the S&P 500 has pulled back. Biotech has been a headache for nearly a decade but, reclaiming $140 would be a big step in the right direction.
Quote of the Day
“The best inside information is on the tape. I would rather follow its indications than act on a tip from J.P. Morgan himself.”
– Richard Wyckoff
Top Links
Christmas in July: Tech Weakness Setting Up NASDAQ's Midyear Rally - Almanac Trader
Jeff Hirsch points out that the Nasdaq has a 12-day seasonal tailwind coming up.
Semis (SMH) Smoked - Bespoke
Bespoke looks at the sharp reversal in Semiconductor stocks.
The Summer is Historically Tough for Semis, Says Renaissance Macro’s Jeff deGraaf - CNBC
Jeff deGraaf shares his thoughts on Semis and the broader market.
Playing Defense in This Market - All Star Charts
JC Parets points out that Aerospace & Defense has exhibited relative strength recently.
Field Hippos - The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the notable trends and themes across the markets.