Daily Chart Report πŸ“ˆ Monday, July 1, 2024

By Patrick Dunuwila

July 1, 2024
Patrick Dunuwila headshot

Powered By:

Today’s Summary
Monday, July 1, 2024

Indices: Nasdaq +0.66% | S&P 500 +0.27% | Dow +0.13% | Russell 2000 -0.86%

Sectors: 4 of the 11 sectors closed higher. Tech led, gaining +0.76%. Materials lagged, falling -1.54%.

Commodities: Crude Oil futures rose +2.26% to a two-month high of $83.38 per barrel. Gold futures were flat at $2,340 per oz.

Currencies: The US Dollar Index was flat at $105.83.

Crypto: Bitcoin inched higher by +0.24% to $62,829. Ethereum inched higher by +0.26% to $3,441.

Volatility: The Volatility Index fell -1.77% to 12.23.

Interest Rates: The US 10-year Treasury yield rose to 4.465%.

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 Larry Thompson (@HostileCharts).

  • The Energy Sector ($XLE) is testing a potential inflection point around $93.
  • Apart from the Failed Breakout in April, $93 has been a major resistance level for $XLE over the past two years. This level also coincides with the upper bounds of a two-month Descending Channel.
  • This has been an orderly correction over the past two months. Momentum remains bullish, with RSI refusing to hit oversold conditions (below 30).

The takeaway: The Energy Sector ($XLE) is trying to reclaim a pivotal level, around $93. If $XLE breaks above $93 the next upside objective will be the April highs, around $98.

Quote of the Day

"Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets."

– Alexander Elder

Top Links

🌩️ Is A Summer Storm Coming? - Cautiously Optimistic
Callie Cox examines the lack of volatility right now.

Your 4-Month Market Correction - All Star Charts
JC Parets looks at the stealth correction within the market since February.

Six Burning Questions for Stock Market Bulls - Ciovacco Capital Management
Chris Ciovacco analyzes the major trends in the stock market.

Here's Why You Should Be Buying Software NOW - StockCharts.com
Tom Bowley highlights the outlook for Software stocks.

Top Tweets

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

Filed Under:
Patrick Dunuwila headshot

Patrick Dunuwila

Editor, The Chart Report

Patrick Dunuwila is the Co-Founder and Editor of The Chart Report, a popular technical analysis newsletter read by thousands of investors worldwide every day. Patrick is a Chartered Market Technician (CMT) with over a decade of market experience. Prior to launching The Chart Report, he worked as a proprietary trader at Benchmarq Technologies in New York City. He's originally from Syracuse, NY, and currently resides in San Diego, CA.

pdunuwila