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Today’s Summary
Thursday, June 10th, 2021
Indices: US Stocks closed slightly higher in today’s session. The Dow was pretty flat, inching up just 19 points or 0.06%. The S&P 500 rose 0.47% to an all-time high. The Nasdaq outperformed, gaining 0.78%. The Russell 2000 underperformed, falling 0.68%.
Sectors: 7 of the 11 sectors closed higher. Health Care led, rising 1.71%. Financials lagged, falling 1.17%.
Commodities: Crude Oil futures moved higher by 0.47% to $70.29 per barrel. Gold futures were flat and continue to trade around $1,896 per ounce.
Currencies: The US Dollar Index inched lower by 0.08%.
Interest Rates: The 10-year US Treasury yield dropped to a fresh three-month low of 1.434%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Transports $DJT rolling over and diverging from $SPX this week. Historically a negative for overall Market but not much making sense right now. @TDANetwork pic.twitter.com/aJBTLZ7B0s
— Tom White (@TomWhite_TDAN) June 10, 2021
Today’s Chart of the Day was shared by Tom White (@TomWhite_TDAN). It’s a daily candlestick chart of the Dow Jones Transportation Index over the past year, along with the S&P 500 in purple. The S&P 500 closed at a record high for the first time in over a month today. However, bulls may want to hold off on the champagne celebration until the Transports can get their act together. The Transportation index has fallen six of the past seven days and is now below its 50-day moving average. As we know, the Transportation index is an important bellwether that often leads the broader market higher or lower. We love seeing the S&P 500 hit fresh highs, but it doesn’t exactly exude confidence seeing the Transportation index deteriorate like this.
Quote of the Day
“Follow the trend lines, not the headlines.”
– Bill Clinton
Top Links
Divergence City + Bonds Breakout – All Star Charts
JC Parets takes a look at the weakness in Homebuilders and the breakout in Treasury Bonds.
Energy Stocks Have A Long Way to Go – Bespoke
Bespoke examines the short-term and long-term performance of the Energy sector.
How To Manage Your Money in a Market Breakout – Fox Business News
Andrew Thrasher offers his take on market breadth.
Is Financial Love Over? – StockCharts.com
Greg Schnell explains that Bank stocks could come under pressure if interest rates continue lower.
Bitcoin Head and Shoulders Top? Watch This Support Level! – Kimble Charting Solutions
Chris Kimble points out that Bitcoin has formed a bearish head & shoulders pattern.
Top Tweets
New all-time high close for the S&P 500: 4,239.23.
— Eddy Elfenbein (@EddyElfenbein) June 10, 2021
There is it, the 27th new high of '21 for the S&P 500 Index. pic.twitter.com/yxNVQ4tAT9
— Ryan Detrick, CMT (@RyanDetrick) June 10, 2021
The percentage of stocks in a Bullish RSI regime continues to weaken as the index itself creeps higher…$SPX pic.twitter.com/asLjVAIot4
— Ian McMillan, CMT (@the_chart_life) June 10, 2021
16.02 is lowest $VIX close since 2/10/20 pic.twitter.com/JpV5euFZaB
— Tom Hearden (@followtheh) June 10, 2021
$XLRE relentless last 4 weeks pic.twitter.com/NRPQ1PL1k1
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) June 10, 2021
I know Health Care, and US Pharmaceuticals at that, are nothing to write home about on a relative basis…but they're going for a nice 6-year breakout this week if they can close strong. $IHE pic.twitter.com/N68D7ev1rS
— Tom Bruni, CMT (@BruniCharting) June 10, 2021
Bearish engulfing candles on $XLF and $XLB – both losing their 20- day SMA's pic.twitter.com/FjnIvRs5iL
— @theEquilibrium (@theEquilibrium) June 10, 2021
$TLT > 140 with RSI > 60 completes a bullish rotation for bonds. "How much lower can rates go?" Answer: lower than they are today. pic.twitter.com/jZdpFUiLSV
— David Keller, CMT (@DKellerCMT) June 10, 2021
The 7-10 Year Treasury Bond ETF $IEF reaching its highest level since early march ? pic.twitter.com/9q6TQxw89g
— R. Alfonso Depablos (@AlfCharts) June 10, 2021
$IEF mid-channel… Could. Go. Either. Way. pic.twitter.com/TrWp7fFWR2
— Mark Ungewitter (@mark_ungewitter) June 10, 2021
Plenty of reasons why bond yields could go higher – don't let that blind you to the reality that at least for now they are not doing that. pic.twitter.com/aHUmU9ZY6R
— Willie Delwiche (@WillieDelwiche) June 10, 2021
on a positive note, the Fed is in their "quiet period" right now, that's the only time they shut up
— StockCats (@StockCats) June 10, 2021
You’re all caught up now. Thanks for reading!