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Daily Chart Report ๐Ÿ“ˆ Tuesday, July 2, 2024

July 2, 2024

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Todayโ€™s Summary
Tuesday, July 2, 2024

Indices: Nasdaq +1.01% | S&P 500 +0.62% | Dow +0.41% | Russell 2000 +0.19%

Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led by a wide margin, gaining +1.95%. Health Care lagged, falling -0.37%.

Commodities: Crude Oil futures fell -0.68% to a two-month high of $82.81 per barrel. Gold futures fell -0.24% to $2,333 per oz.

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

Crypto: Bitcoin fell -1.27% to $62,033. Ethereum fell -0.69% to $3,417.

Volatility: The Volatility Index fell -1.72% to 12.02.

Interest Rates: The US 10-year Treasury yield fell to 4.434%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

๐Ÿ† Todayโ€™s Chart of the Day was shared by Larry Tentarelli (@bluechipdaily).

  • The Nasdaq 100 ($QQQ) closed at a record high for the first time in two weeks today. It began stalling when $NVDA reversed lower on June 20th. $NVDA remains -9.5% off its highs, but the other Mega-Caps have made up for it.
  • Larry points out that $AAPL, $AMZN, and $MSFT closed at record highs today, with $GOOGL just pennies away. Together, these four stocks make up 28% of $QQQ.
  • Many call this an unhealthy tape due to how narrow leadership has been. While breadth isnโ€™t ideal, itโ€™s hard to be aggressively bearish if the most influential stocks are hitting record highs.

The takeaway: The Nasdaq 100 ($QQQ) broke out of a two-week consolidation today. While $NVDA has corrected, other Mega-Caps have perked up. Many view Mega-Cap dominance as bearish, but leaders are supposed to lead.

Quote of the Day

โ€œWhen people are looking for performance, they sharpen their pencils and find reasons to buy.โ€

โ€“ Michael Price

Top Links

Why A Good First Half For Stocks Bodes Well The Second Half - Carson Research
Ryan Detrick looks at how stocks have historically performed in the second half of the year following a strong first half.

The S&P 500โ€™s Second Half Setup - CappThesis
Frank Cappelleri breaks down the technical setup for the S&P 500 in the second half of the year.

July Best S&P & NASDAQ Month Last 21-Years - Almanac Trader
Jeff Hirsch examines July seasonality.

Sector Rotation Sector Rotation Sector Rotation - All Star Charts
JC Parets highlights the evidence of rotation within the market.

Donโ€™t Trend it All in One Place, Says Macro Riskโ€™s John Kolovos - CNBC
John Kolovos shares his technical perspective on the S&P 500, Semiconductors, Credit Spreads, and more.

Top Tweets

Youโ€™re all caught up now. Thanks for reading!