Daily Chart Report π Thursday, June 27, 2024
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Todayβs Summary
Thursday, June 27, 2024
Indices: Russell 2000 +1.00% | Nasdaq +0.19% | S&P 500 +0.09% | Dow +0.09%
Sectors: 7 of the 11 sectors closed higher. Real Estate led, gaining +0.90%. Consumer Staples lagged, falling -0.43%.
Commodities: Crude Oil futures rose +1.04% to $81.74 per barrel. Gold futures gained +1.01% to $2,337 per oz.
Currencies: The US Dollar Index fell -0.12% to $105.93.
Crypto: Bitcoin rose +1.34% to $61,622. Ethereum rose +2.27% to $3,446.
Volatility: The Volatility Index fell -2.31% to 12.25.
Interest Rates: The US 10-year Treasury yield fell to 4.284%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Shane Murphy (@murphycharts).
- The Technology Sector ($XLK) has been flat over the past two weeks, but thereβs been a notable rotation beneath its surface. Software has perked up, while Semiconductors have cooled off.
- Software ($IGV) has lagged all year, while Semis drove Tech higher. However, $IGV is on track for its best month since November. $IGV built a potential top in the first half of the year, but the top failed recently. As we know, Failed Tops are often incredibly bullish.
- Shane points out that $IGV is completing a multi-year Cup & Handle pattern. The primary uptrend looks ready to resume if $IGV clears $90.
The takeaway: Despite lagging all year, Software ($IGV) has set the stage for a potential rally in the second half of the year.
Quote of the Day
βWhen the news is wonderful and a market still can't go up, then you want to be sure to be short.β
β Michael Marcus
Top Links
Ryan Detrick examines how stocks have historically performed in July.
Sneak Peek into Second Half Seasonality for Stocks - LPL Financial Research
Adam Turnquist looks at seasonality in the back half of the year.
There is More Than One Amazon - All Star Charts
The team at All Star Charts highlights a few online retail stocks that look ready to rally.
TAG, You're It! Rotation Away From Semiconductors Benefiting These Stocks - StockCharts
Tom Bowley breaks down the ongoing rotation within the market as Semis cool off.