Daily Chart Report πŸ“ˆ Tuesday, June 25, 2024

Patrick Dunuwila
June 25, 2024

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Today’s Summary
Tuesday, June 25, 2024

Indices: Nasdaq +1.16% | S&P 500 +0.39% | Russell 2000 -0.42% | Dow -0.76%

Sectors: 3 of the 11 sectors closed higher. Tech led, rising +1.83%. Real Estate lagged, falling -1.41%.

Commodities: Crude Oil futures fell -0.98% to $80.83 per barrel. Gold futures fell -0.58% to $2,331 per oz.

Currencies: The US Dollar Index rose +0.13% to $105.62.

Crypto: Bitcoin gained +2.55% to $61,789. Ethereum rose +1.31% to $3,394.

Volatility: The Volatility Index dropped -3.75% to 12.84.

Interest Rates: The US 10-year Treasury yield rose to 4.250%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

πŸ† Today’s Chart of the Day was shared by Mark Ungewitter (@mark_ungewitter). 

  • It feels like everyone is a breadth expert these days. However, the most experienced technicians we follow don't seem nearly as concerned.
  • Breadth has been persistently bad since the bull market began, yet the S&P 500 keeps climbing. If the index was able to survive when breadth was poor, it will likely thrive if breadth starts to improve.
  • Mark points out that the Equal Weight S&P 500 has coiled into a tight triangle pattern, suggesting a large move is coming. It could resolve lower, but the path of least resistance is higher, considering it has reached a major support level relative to the S&P 500.

The takeaway: The Equal-Weight S&P 500 is primed for a large move in either direction, and the path of least resistance is higher. A potential breakout would symbolize breadth expansion.

Quote of the Day

β€œYou should expect the unexpected in this business; expect the extreme. Don’t think in terms of boundaries that limit what the market might do.”

– Richard Dennis

Top Links

Will Semiconductors (SMH) Reversal Lead Stock Market Lower? - Kimble Charting Solutions
Chris Kimble looks at the recent pullback in Semiconductor stocks.Bitcoin is Close to Breaching a Key Support Level That Could Trigger Another 15% Slide - Business Insider
Katie Stockton highlights some key levels for Bitcoin.

End of Quarter NASDAQ 100 Pile-On - StockCharts
Bruce Fraser examines the outlook for the Nasdaq 100 in Q3.

Ounces of Gold to Buy 1 Bitcoin - All Star Charts
JC Parets looks at the recent action in Bitcoin.

Top Tweets

You’re all caught up now. Thanks for reading!

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