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Todayβs Summary
Thursday, June 8, 2023
Indices: Nasdaq 100 +1.27% | S&P 500 +0.62% | Dow +0.50% | Russell 2000 -0.41%
Sectors: 7 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.48%. Real Estate lagged, falling -0.61%.
Commodities: Crude Oil futures fell -1.71% to $71.29 per barrel. Gold futures rose +1.03% to $1,979 per oz.
Currencies: The US Dollar Index had its worst day in nearly three months, dropping -0.76% to $103.32.
Crypto: Bitcoin moved higher by +0.61% to $26,508. Ethereum rose +0.73% to $1,846.
Interest Rates: The US 10-year Treasury yield fell to 3.722%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
AAII: Bulls now firmly outnumber bears for the first time in 18 months.
Should we run for the hills? In Nov β20, we saw a similar shift to optimism after 8 months of pessimism. $SPX kept trending higher for the next 12 months.
Follow trends. pic.twitter.com/h2pbgSxvtH
β Brian G (@alphacharts) June 8, 2023
Todayβs Chart of the Day was shared by Brian G. (@alphacharts). Weβre seeing signs of bullish sentiment returning to the market. For starters, the latest cover of Barronβs features the image of a bull with the headline; βDonβt Fear the Bull Market Why the Stocks are Going Higher.β Secondly, everybody βofficiallyβ declared it a new bull market today, with the S&P 500 closing +20% off its October lows. Lastly, Brian points out that the most recent AAII Sentiment Survey reported a huge spike in bullish sentiment, with the bull-bear spread reaching its highest level in 1.5 years. At the same time, other data points like futures positioning and ETF flows suggest that sentiment remains bearish. While sentiment can be an excellent contrarian indicator, itβs most useful at extremes. Given the conflicting data points right now, sentiment is probably not at an extreme.
Quote of the Day
βIf you need an indicator to tell you that sentiment is extreme, itβs not.β
β Walter Deemer
Top Links
S&P 500 10-Month Highs | The Morning Show β Stock Market TV
We co-hosted The Morning Show earlier today with Steve Strazza and special guest John Roque of 22V Research. Check it out!
Why Low Volatility Isnβt Bearish β Carson Group
Ryan Detrick looks at what new multi-year lows from the Volatility Index ($VIX) could mean.
Nasdaq Composite Ratio Reaches Counter-Trend Resistance Area β Kimble Charting Solutions
Chris Kimble breaks down a long term ratio chart of the Nasdaq Composite vs. the S&P 500.
Why Stock Market Investors Should Beware of Chasing Small-Cap Rally β Market Watch
Jonathan Krinsky lays out a few reasons why the recent rally in Small Caps could be short-lived.
The Chart Report is now better than everβ¦
Introducing The Chart Report: Private Access.
Private Access is everything you love about The Chart Report β plus MORE charts, trade ideas, and access to our exclusive scans and model portfolio updates.