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Today’s Summary
Wednesday, June 9th, 2021
Indices: US Stocks closed lower in today’s session with the Dow falling 153 points or 0.44%. The S&P 500 inched lower by 0.18%, while the Nasdaq was flat (0.09%). The Russell 2000 underperformed, dropping 0.71%.
Sectors: 4 of the 11 sectors closed higher. Health Care led, gaining 0.97%. Industrials lagged, falling 1.02%.
Commodities: Crude Oil futures inched lower by 0.13% to $69.73 per barrel. Gold futures were flat and continue to trade around $1,896 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The 10-year US Treasury yield dropped to a three-month low of 1.494%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$ES, 15m
S&P500 has been consolidating right below its prior all time highs for the last 4 sessions.
Time for a break out?
Yes, if ES can move above the 4240 level. pic.twitter.com/O3nvnXVXdm
— Yuriy Matso (@yuriymatso) June 9, 2021
Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso). It’s a 15-minute candlestick chart of S&P 500 futures over the past week. The S&P 500 has been flirting with all-time highs but keeps getting rejected. Earlier, Callie Cox noted that today was the 10th straight day that the S&P closed within 1% of a record high (with no record high), marking the longest streak in nearly three years. That ~4230 level has been a brick wall of resistance over the past week. It looks like price is coiling up for a large move in either direction. Which direction will it break?… Only time will tell, but we’ll know very soon so keep an eye on how price behaves around this key level in the near term. If we’re above 4230, the risk is to the upside. If we’re below 4230, the risk is to the downside.
Quote of the Day
“Stocks in uptrends are innocent until proven guilty. Stocks in downtrends are guilty until proven innocent.”
– Brian Shannon
Top Links
Close But No Cigar – Bespoke
Bespoke points out that the S&P 500 has been unable to reach an all-time high despite several attempts over the past week.
A Closer Look at New Highs – LPL Financial Research
The team at LPL Financial Research shares a ton of insightful stats about all-time highs.
Two Must-See Charts About the S&P 500, 10-Year Treasury Yield – Bloomberg
Katie Stockton offers her technical perspective on the the S&P 500 and Interest Rates.
Small Caps Trade to New Highs, Is the S&P 500 Next? – Potomac Fund Management
Dan Russo points out that the S&P 600 Small-Cap Index hit an all-time high yesterday.
Is the Transportation Sector (IYT) Stifling a Major Market Breakout? – StockCharts.com
Mish Schneider explains that the recent weakness in Transportation stocks could be a problem for the broader market.
Top Tweets
The S&P is being such a tease.
Today was the 10th straight day that the S&P closed within 1% of a record high (with no record).
That’s the longest streak since Oct. 2018 (aaaaand sixth-longest since Oct. 1995).
?
— Callie Cox (@callieabost) June 9, 2021
#Stocks coiling just beneath all time highs, frustrating bulls and bears. Bands are tightening and I would expect a big, trending move to come soon. $SPY #SP500 #stonks pic.twitter.com/8JHlYxaumT
— The Third Coast (@ThirdCoastTA) June 9, 2021
Nasdaq 100 vs S&P 500
If Nazzy One Hundo is gonna retake leadership after taking a year off, you can imagine the re-start would look like this. Only price can confirm if this was the start.$QQQ $SPX $SPY $ES_F pic.twitter.com/qlk9aNlr1C— David Zarling, CMT (@AdaptivCharts) June 9, 2021
$QQQ / $SPY – is it A or B? are we backtesting a 21 year base breakout? pic.twitter.com/T4Al0AoCz5
— @theEquilibrium (@theEquilibrium) June 9, 2021
Déjà vu #Biotechnology $IBB #StockMarket #StocksToWatch #ETFs @NapatreeC pic.twitter.com/dhiiMMCpSA
— Mike Moses, CMT,CMSA (@DominickMike) June 9, 2021
Are Emerging Markets ready this time? $EEM $SPY pic.twitter.com/xKWAoCPH26
— Grant Hawkridge (@granthawkridge) June 9, 2021
The MSCI World ex US is now 0.3% away from a new all-time high. It has been 14 years since its last high, which is easily a record streak since 1969… pic.twitter.com/0fahYpbyS6
— Bespoke (@bespokeinvest) June 9, 2021
Silver setting up nicely pic.twitter.com/O8tOdPQk3m
— Bob Sheehan, CMT, CFA (@LighthouseCap23) June 9, 2021
We’re buyers here- bottom line. It feels to us the timing is right to get big in Silver, that the tight trading (the standoff between Bulls and Bears) is soon to be resolved- and it’s our hunch that the resolution is up… $SLV pic.twitter.com/E8TDfe8MaD
— Carter Braxton Worth (@CarterBWorth) June 9, 2021
$GDX and a #golden cross. pic.twitter.com/Cf2wt1QRlL
— Frances Horodelski (@fhoro) June 9, 2021
The big boys have covered their lumber shorts. pic.twitter.com/wzEpzCLuyS
— Brian G (@alphacharts) June 9, 2021
Bitcoin: Yesterday’s retest and subsequent reversal of the 30k low so far fits with the failed 5th scenario. This also has the potential of turning into a double bottom, but that requires a move >41k to confirm. pic.twitter.com/ogi3u0Qb6C
— Jurrien Timmer (@TimmerFidelity) June 9, 2021
I showed this chart to a friend of mine who is bullish on Bitcoin.
He thought the chart was definitely bottoming.
When I told him it's just Bitcoin inverted, he was still bullish.
That's how you know you've lost objectivity. pic.twitter.com/lriBW5koX9
— Danny Merkel (@ChartingTrends) June 8, 2021
You’re all caught up now. Thanks for reading!