Daily Chart Report πŸ“ˆ Wednesday, June 26, 2024

Patrick Dunuwila
June 26, 2024

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Today’s Summary
Wednesday, June 26, 2024

Indices: Nasdaq +0.25% | S&P 500 +0.16% | Dow +0.04% | Russell 2000 -0.21%

Sectors: 2 of the 11 sectors closed higher. Consumer Discretionary led by a wide margin, rising +1.45%. Energy lagged, falling -0.98%.

Commodities: Crude Oil futures were flat (+0.09%) at $80.90 per barrel. Gold futures fell -0.76% to $2,313 per oz.

Currencies: The US Dollar Index rose +0.41% to $106.05.

Crypto: Bitcoin fell -1.59% to $60,807. Ethereum fell -0.73% to $3,369.

Volatility: The Volatility Index fell -2.34% to 12.54.

Interest Rates: The US 10-year Treasury yield rose to 4.329%.

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 Scott Brown (@scottscharts).

  • Several sleeping giants within the Magnificent 7 have woken up recently, including $TSLA, $AMZN, $AAPL, and $GOOG.
  • Tesla ($TSLA) is leading the Mag 7 this week despite being the clear laggard this year. It’s down -21% year-to-date, while the other Mag 7 stocks are up double or triple digits.
  • Scott points out that $TSLA has spent the entire year building an Inverted Head & Shoulders pattern. The neckline of this bullish pattern is roughly around $200. The trend is still sideways at best, but if $TSLA reclaims $200, the next major resistance level is +30% higher, around $260.

The takeaway: Other Mega-Caps are breaking out, while $NVDA takes a well-deserved break. Even the notorious laggard within the group ($TSLA) has carved out a potential bottom.

Quote of the Day

"Chart patterns are not the cause; they're the effect. Human behavior hasn't changed and isn't likely to change much in the future."

– Mark Minervini

Top Links

Just How Strong Is 2024? And Why the Summer Rally Isn’t Over Yet - Carson Research
Ryan Detrick highlights a few seasonal trends to be aware of.

What Does a Low VIX Mean for Stocks - Schaeffer's Investment Research
Rocky White looks at how the S&P 500 has historically performed when the Volatility Index breaks down.

China Strugles - Bespoke
Bespoke examines the pullback in Chinese equities.

Gold Forecast: Why XAU/USD Selling Could Accelerate if $2275 Gives Way - Forex.com
Matt Weller breaks down the outlook for Gold.

Thematic ETFs and the New S&P 500 Heavyweight - Strategas Asset Management
Todd Sohn discusses Thematic ETFs and Nvidia ($NVDA).

Top Tweets

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

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