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Today’s Summary
Monday, June 1st, 2020
Indices: US Stocks kicked off the week on a positive note with the Dow Jones Industrial Average advancing 92 points or 0.31%. The S&P 500 and Nasdaq moved higher by 0.38% and 0.66%, respectively. Small-Caps outperformed with the Russell 2000 gaining 0.81%.
Sectors: Real Estate led, gaining 1.99%. Health Care lagged, falling 0.99%.
Commodities: The July Crude Oil futures contract inched lower by just 0.14% to $35.44 per barrel. Gold futures were flat and continue to trade at $1,750 per ounce.
Currencies: The US Dollar Index fell 0.47%.
Interest Rates: The US 10-year Treasury yield rose to 0.664%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Chris Kimble (@KimbleCharting). It’s a weekly bar chart of the Junior Gold Miner ETF, $GDXJ, since 2012. Over the past couple of months, we’ve witnessed clean breakouts from the Gold Miners ETF, $GDX, and the Silver Miners ETF, $SIL. Chris points out that the Junior Gold Miners are attempting to make a fashionably late appearance to the party. Similar to how $GDX and $SIL looked before they broke out, $GDXJ has formed a seven-year base, with a well-defined resistance level around $51. If $GDXJ can finally break out of this massive base, it would demonstrate risk-appetite, and provide further evidence that Precious Metals are in a sustainable bull market.
Quote of the Day
“What makes a bull market live is rotation.”
–Ralph Acampora (Technical Analyst)
Top Links
Weekly S&P 500 #ChartStorm – 1 June 2020 – TopDown Charts
Callum Thomas highlights ten charts and themes that are worth paying attention to right now.
May Monthly Charts: What We Learned – All Star Charts
JC Parets shares some of the biggest takeaways from his monthly candlestick chart review.
Who Woulda Thought? – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss several noteworthy technical developments, including breadth and sector rotation.
Three Sectors on Watch – SunSoft Analytics
Bhagyashree Urdhwareshe takes a look at the three defensive sectors of the S&P 500 – Consumer Staples ($XLP), Utilities ($XLU), and Real Estate ($XLRE).
The History and Wisdom of 50 Years – Behind the Charts
Here’s a great conversation between David Keller and the Godfather of Technical Analysis, Ralph Acampora.
Top 10 Tweets
Today's Market Mood: MODEST RISK-ON
– Stocks $SPX +.38% look past U.S. unrest
– As the dollar falls for a 3rd day
– Weak dollar trade is hallmark of QE— Abigail Doolittle (@TheChartress) June 1, 2020
The surge condition is also present for small-caps. pic.twitter.com/PfMp7zfEID
— Strategas (@StrategasRP) June 1, 2020
$VIX back near the high end of its short-term range. Watching if it can get get above the 30.50-31 area. pic.twitter.com/t8HBfeFPAj
— Andrew Thrasher, CMT (@AndrewThrasher) June 1, 2020
The #USD index (#DXY) is down 5% from its high and back to the lowest level since mid March. A sustainable decline in the USD would be bullish for risk assets, especially outside the US. pic.twitter.com/eOIHXNnopQ
— jeroen blokland (@jsblokland) June 1, 2020
As the U.S. Dollar is sliding below its 200-day moving average, emerging market stocks are starting to perk up: $EEM $CIB $TV etc. @MarketSmith #IBDpartner pic.twitter.com/HaIECfNslZ
— ivanhoff (@ivanhoff2) June 1, 2020
One of the charts that interests me the most right now. $UUP with RSI pic.twitter.com/K7WJ7E6ylF
— Dan Russo, CMT (@DanRusso_CMT) June 1, 2020
WTI net long positions at the highest since September 2018. The bullish trend continues?
WTI trading with a $34 handle — back to top of its 2 week trading range after testing the $35 level last week?️#OOTT pic.twitter.com/vNiFUq64aO
— Kriti Gupta (@KritiGuptaNews) June 1, 2020
Crude Oil: If it can hurdle 36.40ish, could fill that gap and pump to 41 pretty quickly. $CL $WTI pic.twitter.com/cTxFy5BzKJ
— Tarek I. Saab (@FibLines) June 1, 2020
$ZS_F $SOYB Soybeans haven't had a monthly close below $8.40 in 13 years! And here we are sitting on it on June 1st with the growing season ahead of us. Hmmm pic.twitter.com/zThoSAv97J
— Neil Blalock, CMT (@NeilBlalock) June 1, 2020
There are global stock markets, and Den there's Mark.
Tip your waitress.
I'll be here all week. pic.twitter.com/c5fkN9SkqQ
— Tom Bruni, CMT (@BruniCharting) June 1, 2020