Stock Market Update Wednesday June 26, 2024

Stock Market Update Wednesday June 26, 2024 Stocks maintained their index level inertia ahead of quarter-end with the S&P 500 snoozing through another virtually flat session (+0.12%).

Away From Stocks: A noteworthy lurch higher in the rates complex headlined today’s session, with 2- and 30-year yields rising six and nine basis points respectively to 4.71% and 4.45%, while WTI crude remained just south of $81 a barrel, gold slipped to $2,298 per ounce, bitcoin retreated to $60,700 and the VIX was lower to 12.6. 

Amazon is hitting a new all-time high. We are long-term investors in The Everything Store. A large green dot signaled an entry for a long position on March 27, 2023. Our weekly chart is for long-term investing, and we start to accumulate when we see a large green dot.

Tesla has been showing bullish consolidation since April 29 2024, breaking out today, with a close above the yellow line is extremely bullish. Our bull flag target is the purple line. There is minor resistance at the grey line, which can easily be surpassed.

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