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Today’s Summary
Monday, June 6th, 2022
Indices: Nasdaq 100 +0.41% | Russell 2000 +0.36% | S&P 500 +0.31% | Dow +0.05%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.00%. Real Estate lagged, falling 0.30%.
Commodities: Crude Oil futures inched higher by just +0.06% to $118.94 per barrel. Gold futures fell -0.30% to $1,845 per ounce.
Currencies: The US Dollar Index moved higher by +0.24%.
Crypto: Bitcoin rose +5.26% to $31,461. Ethereum gained +3.38% to $1,865.
Interest Rates: The US 10-year Treasury yield rose for the sixth consecutive day to 3.044%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
https://twitter.com/DominickMike/status/1533846779288076288
Today’s Chart of the Day was shared by Mike Moses (@DominickMike). It’s a 15-minute candlestick chart of the S&P 500 over the past month. The S&P 500 has been stuck in a 100-point range over the past six sessions, between 4070 and 4170. As we highlighted last week, 4170 is a major level for the S&P 500 as it represents the March lows. A break above 4170, would strengthen the bull case. Either way, we’ll likely see a resolution out of this range this week.
Quote of the Day
“If you can’t sleep at night, reduce your positions or get out.”
– Marty Zweig
Top Links
5 Charts to Pay Close Attention to This Week – PFT Trading
Greg Rieben highlights five noteworthy charts to keep an eye on this week.
Checking in on Commodities – Means to a Trend
Austin Harrison takes a look at several important Commodity charts.
12 Months of No Progress – All Star Charts
JC Parets points out that the Dow Transports and the Dow Industrial indexes have gone nowhere for over a year.
The Bears Keep the Ball in the U.S. Equity Markets – Potomac Fund Management
Dan Russo shares a few key points about the current market environment.
The 2 Most Surprising Charts RIGHT NOW – StockCharts.com
Tom Bowley explains why he’s bullish on $IBM and $ZM.
Top Tweets
Lots of chop and noise the past 5 days. All that really matters in short term is how it breaks out of this range. Up to the 50-day MA or down to the 20-day? $SPX pic.twitter.com/vY8NeXbVSz
— Michael Turvey (@MikeTurvey_TDA) June 6, 2022
S&P 500 e-minis: The range continues. Watching 4072 on the downside pic.twitter.com/MTtM4B6VfR
— Scott Brown, CMT (@scottcharts) June 6, 2022
$SPX has already done a Jan 2022 bounce of just over 6% on a closing basis. If this ends up being more like a Mar 2022 bounce, that would put $SPX around 4300-4325… pic.twitter.com/3sN3y3WAhn
— David Keller, CMT (@DKellerCMT) June 6, 2022
Hedge funds quite bearish on small caps … net long positioning for Russell 2000 contracts at most negative since September 2019 pic.twitter.com/deRjMK8IsX
— Liz Ann Sonders (@LizAnnSonders) June 6, 2022
Commodities $DBC another fresh high pic.twitter.com/L3Xz8FnSkT
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) June 6, 2022
2 reasons I'm neither bullish nor bearish and simply judging every chart on its individual merits is the threat of the $DXY and $TNX potentially resolving higher.
I'd probably consider both to be headwinds for stocks. Watching closely. $SPY $SPX $IWM pic.twitter.com/kiDWVBrRUx
— Sam McCallum ??????? (@Honeystocks1) June 6, 2022
The $USDJPY is printing fresh 20-year highs today after pulling back to retest a major breakout level ~126. pic.twitter.com/DTHWyMj1r9
— Ian Culley (@IanCulley) June 6, 2022
If the year ended today, it would be the worst in history for the US Bond Market with a loss of 9.8%.
Entering the year, the 2.9% decline for bonds in 1994 was the largest ever. pic.twitter.com/qkU2cjEzgh
— Charlie Bilello (@charliebilello) June 6, 2022
Yo, Charts – how imp’t is support for AAPL @ 140? Closed under there 2X in May, Check monthly MACD, too. If all you had was the monthly MACD would you be a buyer? pic.twitter.com/UQKVGPSqSC
— da Chart Life (@daChartLife) June 6, 2022
Last week, Bitcoin snapped a 9-week losing streak. pic.twitter.com/RQdCqAr3nC
— Eddy Elfenbein (@EddyElfenbein) June 6, 2022
When y’all think they going to announce that we going into a recession?
— Cardi B (@iamcardib) June 5, 2022
You’re all caught up now. Thanks for reading!