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Today’s Summary
Wednesday, June 8th, 2022
Indices: Nasdaq 100 -0.76% | Dow -0.81% | S&P 500 -1.08% | Russell 2000 -1.49%
Sectors: Energy was the only sector that closed positive, rising +0.22%. Real Estate lagged, falling -2.40%.
Commodities: Crude Oil futures rose +2.51% to $122.41 per barrel. Gold futures gained +0.19% to $1,856 per ounce.
Currencies: The US Dollar Index rose +0.21%.
Crypto: Bitcoin dropped -2.57% to $30,317. Ethereum fell -0.64% to $1,800.
Interest Rates: The US 10-year Treasury yield rose to 3.027%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
https://twitter.com/IanCulley/status/1534637074506194947
Today’s Chart of the Day was shared by Ian Culley (@IanCulley). Crude Oil closed above $122 per barrel today, marking the second-highest daily close in more than a decade. It peaked exactly three months ago at around $123, and it’s now attempting to clear those former highs. In a comment to The Chart Report Ian said, “If Crude breaks out of this three-month base, the next major resistance level is at the 2008 highs around $147 per barrel, which is about 20% higher from here.”
Quote of the Day
“When the train leaves the station, it doesn’t back up to let latecomers on. If it does, there’s something wrong with the train.”
– Walter Deemer
Top Links
Should You Buy a Stock After a Split? – Schaeffer’s Investment Research
Rocky White examines how stocks have historically performed after splitting.
Time for a Pause in Energy? – Honey Stocks Charting
Sam McCallum outlines some potential resistance levels to be aware of in the Energy sector.
The Market Rally Won’t Last and This Summer Will be Rough as the S&P 500 Could Go as Low as 3,200, Says Fairlead’s Katie Stockton
Katie Stockton shares her cautious outlook on the S&P 500.
Knocking on the Door, Is Anyone Home? – Potomac Fund Management
Dan Russo highlights some key points about the current market environment.
Market’s May Lows Could Be Tested in June – AlmanacTrader
Seasonality expert, Jeff Hirsch compares 2022 to 1962, 1970, and 1974.
Top Tweets
7 straight choppy days here.. $SPY pic.twitter.com/Vbgr9hgD16
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) June 8, 2022
Still less than 50% of $SPX members above their 50-day moving average. And only 37% above their 200-day MA. Get excited when these get above 50%. pic.twitter.com/Vy8sKnZSpV
— David Keller, CMT (@DKellerCMT) June 8, 2022
$IEI: $HYG spread is making high lows and higher highs pic.twitter.com/UBKmz9gRyD
— Bailey.Baxter2020 (@BBaxter2020) June 8, 2022
Chinese equities stopped going down in March and have been carving out a short-term bottom ever since.$GXC $CQQQ $KWEB $CHIQ pic.twitter.com/6TT9LxctlR
— Alfonso Depablos (@AlfCharts) June 8, 2022
$KWEB Weekly. Breaking out of a 4-month base after an 80% drawdown. pic.twitter.com/QCiNiETnRs
— Brian G (@alphacharts) June 8, 2022
The Energy sector's weighting in the S&P 500 has crossed back above 5% after dipping as low as 1.89% in early 2020. $XLE $$ pic.twitter.com/hgyk6Op2Iy
— Bespoke (@bespokeinvest) June 8, 2022
Hey Hey! pic.twitter.com/QCAMXV0y4o
— Dan Russo, CMT (@DanRusso_CMT) June 8, 2022
Bloomberg Commodity Spot Index (blue) has risen to new all-time high but, relative to its 200d moving average (orange), it isn’t near prior extremes pic.twitter.com/mp7vVp5h6n
— Liz Ann Sonders (@LizAnnSonders) June 8, 2022
WTI Crude Oil, trending…$USOIL $CL_F pic.twitter.com/nGaHcA4dKS
— Shane C. Murphy, CMT (@murphycharts) June 8, 2022
Crude oil priced in Yen is at a new all-time high.
Not insignificant given that Japan is #4 crude oil importer (and #1 natural gas importer) in the world. pic.twitter.com/IwVSiak5vg
— Willie Delwiche, CMT, CFA (@WillieDelwiche) June 8, 2022
For those of you who are in energy. Notice the fall in Natural Gas $UNG today An interesting daily chart. A Negative Divergence forming. Momentum is weakening, Notice MACD lower highs since April. Chart source @Barchart #stockmarket pic.twitter.com/BUQmFUcbuU
— Bonnie Gortler (@Optiongirl) June 8, 2022
— Arun S. Chopra CFA CMT? (@FusionptCapital) June 8, 2022
You’re all caught up now. Thanks for reading!