Daily Chart Report π Monday, July 1, 2024
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Todayβs 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 $3,441.
Volatility: The Volatility Index fell -1.77% to 12.23.
Interest Rates: The US 10-year Treasury yield rose to 4.465%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Larry Thompson (@HostileCharts).
- The Energy Sector ($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."
β Alexander Elder
Top Links
π©οΈ 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.