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Today’s Summary
Tuesday, June 1st, 2021
Indices: US Stocks were little changed to start the week. The Dow inched higher by 46 points or 0.13%. The S&P 500 and Nasdaq both closed flat (0.05% and 0.09%). The Russell 2000 notably outperformed, rising 1.14%.
Sectors: 6 of the 11 sectors closed higher. Energy led by a wide margin, gaining 3.85%. Health Care lagged, falling 1.64%.
Commodities: Crude Oil futures rose 2.11% to a new 52-wk high of $67.72 per barrel. Gold futures were unchanged and continue to trade at $1,905 per ounce.
Currencies: The US Dollar Index inched higher by 0.10%.
Interest Rates: The 10-year US Treasury yield rose to 1.610%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
#SPX $SPX — Year to date through May >10%<15% (post 1950.) pic.twitter.com/dmHAM8DwzK
— Nautilus Research (@NautilusCap) June 1, 2021
Today’s Chart of the Day was shared by Nautilus Research (@NautilusCap). The S&P 500 finished May up 11.93% year-to-date. Nautilus points out that the rest of the year tends to be consistently strong when the S&P 500 is up between 10%–15% year-to-date through May. In fact, of the 10 prior instances since 1950, all 10 continued higher the rest of the year for an average gain of 11.49%. To be fair, the average returns over the next 1-3 months are nothing impressive. Which makes sense considering seasonality remains a headwind until October. But if history is any guide, the momentum we’ve seen thus far in 2021 could propel the S&P higher by year-end.
Quote of the Day
“Beautiful sunsets need cloudy skies.”
– Paul Coelho
Top Links
Crude Oil Cleared For Blast Off On This Dual Breakout? – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of Crude Oil.
Home on the Range – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the major trends and themes across the markets.
After 4 Up Weeks, Gold At Crucial Juncture – Pause Likely Before $1,920s Get Taken Out – Hedgopia
Hedgopia analyzes the outlook for Gold futures.
What Monthly Charts are Telling Crypto Investors – All Star Charts
Louis Sykes examines some noteworthy monthly candlestick charts in the Crypto space.
Meme Stocks Back in Focus – Bespoke
Bespoke takes a look at the wild action in GameStop ($GME), and AMC Entertainment ($AMC).
Top Tweets
Solid sea of red in Healthcare. Big green in Energy, Materials, Emerging Market stocks. Real Estate also strong. pic.twitter.com/59ESzhZJVi
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) June 1, 2021
One of the stranger days in recent memory: A (bearish) outside reversal day but an 82% upside day at the same time. pic.twitter.com/XDNtqOEM34
— Walter Deemer (@WalterDeemer) June 1, 2021
May had several twists/turns, but S&P 500 added to winning streak with 4th consecutive month of gains; DJIA & S&P SmallCap 600 both returned 2%, while VIX closed month a few pips from post-pandemic low @SPDJIndices
[Past performance is no guarantee of future results] pic.twitter.com/u4kRgG4DWr— Liz Ann Sonders (@LizAnnSonders) June 1, 2021
Advance-Decline Lines remain bullish across asset sizes. pic.twitter.com/9jmUnZuMOi
— Andrew Thrasher, CMT (@AndrewThrasher) June 1, 2021
Friendly reminder that in pretty much any market environment, at any time, some chart somewhere is breaking to new ATH. Today's example, real estate.$XLRE $IYR pic.twitter.com/bUlzSuuLs3
— David Keller, CMT (@DKellerCMT) June 1, 2021
$AAPL slowly entering "do or die" territory.
The $128 area is something we've touched on quite a bit on the podcast. We can't think about all-time highs until we get through $138. And we get can't think about $138 until we get through $128. It's just…math. pic.twitter.com/tW5cU7DUzY
— Ian McMillan, CMT (@the_chart_life) June 1, 2021
Big +4.12% pop today for $EMQQ, the Emerging Markets Internet and eCommerce ETF
A heavy shakeout took the group down to prior resistance, but a strong bounce out of oversold territory has brought it back above the 50-day
A bright spot for the "return to growth" narrative… pic.twitter.com/u9GlIWx8bR
— Grayson Roze (@GraysonRoze) June 1, 2021
The Bloomberg Commodity Index is at its highest level since 2015. pic.twitter.com/tH4FqVHkwn
— Lisa Abramowicz (@lisaabramowicz1) June 1, 2021
Canadian stocks breaking out to new all-time highs in an environment where "value" (financials, materials, industrials and energy) is outperforming "growth" (tech) makes sense to me, especially when we notice that $EWC has 72% exposure in value. pic.twitter.com/EpF8Uew7Zh
— R. Alfonso Depablos (@AlfCharts) June 1, 2021
Our Real Interest Rate model for gold has just gone bullish. It could have massive implications for the gold price and inflation. For a deeper explanation of the attached chart please go to https://t.co/DEUv4hLaQB pic.twitter.com/6w7RpRs70w
— Martin Pring (@martin_pring) June 1, 2021
#Bitcoin update: Still battling in consolidation post topping formation. pic.twitter.com/MOX9Gsp91n
— RenMac: Renaissance Macro Research (@RenMacLLC) June 1, 2021
If you want a crypto alternative, high beta play, $SILJ is a silver miners etf that "could" make a run towards $70 over the next 12 months.
Silver and silver miners are shaping up bullishly. Of course, drink responsibility. pic.twitter.com/h3FEreF4zP
— Bob Loukas (@BobLoukas) June 1, 2021
You’re all caught up now. Thanks for reading!