Daily Chart Report πŸ“ˆ Friday, June 28, 2024

Patrick Dunuwila
June 28, 2024

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Today’s Summary
Friday, June 28, 2024

Indices: Russell 2000 +0.46% | Dow -0.12% | S&P 500 -0.41% | Nasdaq 100 -0.54%

Sectors: 4 of the 11 sectors closed higher. Real Estate led, gaining +0.81%. Utilities lagged, falling -1.12%.

Commodities: Crude Oil futures fell -0.24% to $81.54 per barrel. Gold futures inched higher by +0.13% to $2,340 per oz.

Currencies: The US Dollar Index inched lower by -0.08% to $105.85.

Crypto: Bitcoin fell -2.12% to $60,315. Ethereum fell -2.09% to $3,374.

Volatility: The Volatility Index rose +1.63% to 12.45.

Interest Rates: The US 10-year Treasury yield rose to 4.400%.

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 David Cox. (@DavidCoxRJ).

  • The Nasdaq ($QQQ) has been unchanged over the past two weeks. However, David points out that the next two weeks have historically been strong.
  • Earlier this week, Jeff Hirsch of The Stock Traders Almanac examined this seasonal tailwind in a note titled β€œChristmas in July.β€œ
  • Jeff noted, β€œThis 12-day run has been up 30 of the past 39 years with an average historical gain of +2.5%. Look for this rally to begin around June 26 and run until about July 12.”

The takeaway: The Nasdaq ($QQQ) has been indecisive for two weeks now, printing back-to-back Doji candles. Given this seasonal tailwind over the next two weeks, $QQQ *should* resolve decisively higher in the coming days. But, if it resolves lower during this bullish period, it will be a red flag.

Quote of the Day

β€œFeeling gratitude and not expressing it is like wrapping a present and not giving it.”

– William Arthur Ward

Top Links

July Remains King of Day 1 Performance - Quantifiable Edges
Rob Hanna points out that the S&P 500 has historically leaned bullish on the first trading day of July.

July 4th Bullish Pre-Holiday Trade, Bearish After - Almanac Trader
Jeff Hirsch looks at how stocks perform before and after July 4th.

Big Day! Why Does it Matter to You? - All Star Charts
JC Parets highlights a few noteworthy monthly candlestick charts.

Thin - The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the noteworthy trends across the markets.

Nasdaq Rejects New Highs, Nike drops to 4 year lows, Bitcoin update - TradeRisk
Evan Medieros breaks down the key takeaways from this week's price action.

Top Tweets

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

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