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Today’s Summary
Friday, June 10th, 2022
Indices: Nasdaq 100 -3.56% | Dow -2.73% | Russell 2000 -2.73% | S&P 500 -2.91%
Sectors: All 11 sectors closed lower. Consumer Staples led, but still fell -0.43%. Consumer Discretionary lagged, dropping -3.99%.
Commodities: Crude Oil futures fell -0.86% to $120.47 per barrel. Gold futures gained +1.23% to $1,876 per ounce.
Currencies: The US Dollar Index rose +0.85%.
Crypto: Bitcoin fell -3.16% to $29,149. Ethereum dropped -6.29% to $1,675.
Interest Rates: The US 10-year Treasury yield rose to its highest level since 2018 at 3.159%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$SPX $COMPQ $DJA – Bearish "eveningstar" reversal patterns on the weekly index charts. These represent a three week transition in sentiment from bullishness (large white candle), to a neutral view (doji candle), to bearishness (large dark candle). pic.twitter.com/jxkmPW6ann
— Rob Moreno (@rightviewrob) June 10, 2022
Today’s Chart of the Day was shared by Rob Moreno (@rightviewrob). From top to bottom, we’re looking at weekly candlestick charts of the Dow, S&P 500, and Nasdaq. Rob points out that all three of these major indexes have formed a bearish reversal pattern known as an “evening star.” The evening star pattern consists of three candlesticks – the first candle is a large-bodied white candlestick. The second is a Doji candlestick, which symbolizes indecision. The third is a large-bodied red candle, representing a resolution to the downside. Unfortunately for the bulls, this pattern suggests continued weakness in the coming weeks.
Quote of the Day
“The stock market is the only market where things go on sale and all the customers run out of the store.”
– Cullen Roche
Top Links
Dow Down Baby – The Chart Report
In this quick video, Steve Strazza and I recap some of the most significant technical developments from this past week.
The Generals – East Coast Charts
Louis Spector checks up on the 10 largest stocks in the S&P 500.
One Chart to Rule Them All – StockCharts.com
David Keller examines the outlook for the S&P 500.
Stock Market Analysis for Week Ending June 10, 2022 – AlphaTrends
Brian Shannon lays out some key levels to keep an eye on next week.
Top Tweets
Worst back-to-back days for $SPY in two years
-5.2% pic.twitter.com/EQAhvNCrjV
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) June 10, 2022
Some nasty downside follow through today on the heels of $SPX resolving lower from that key 4100 zone yesterday pic.twitter.com/idyAtPfDD1
— Steven Strazza (@sstrazza) June 10, 2022
#ES_F weekly
This might be the second time that the S&P500 will try to enter into a bear market (its first trip into a bear market several weeks ago lasted for several hours).
If, however, it does close below 3850, the question will be — how low can it drop? Key levels below. pic.twitter.com/0Ommk19PtU
— Yuriy Matso (@yuriymatso) June 10, 2022
Yesterday was the 20th 2% change (up or down) for the S&P 500 in 2022.
If that feels like a lot, that's because it is. This extrapolates out to 46 for the year, which would be one of the most ever.
Not surprisingly, years with a lot of large daily moves don't always do well. pic.twitter.com/JvKfB4NKFD
— Ryan Detrick, CMT (@RyanDetrick) June 10, 2022
Chinese stocks bucking the trend this week pic.twitter.com/orV7yjtdqn
— Jared Blikre (@SPYJared) June 10, 2022
Treasury belly ripping past 2018 resistance $IEF $IEI pic.twitter.com/FR20ryM7Rf
— Mike Singleton, CFA (@InvictusMacro) June 10, 2022
#Gold loving today's US #inflation beat. pic.twitter.com/EeZ2heu4oO
— jeroen blokland (@jsblokland) June 10, 2022
$GLD SPDR Gold Shares – 15 day bullish engulfing candle. pic.twitter.com/lP0bfWoBvU
— Rob Moreno (@rightviewrob) June 10, 2022
$GLD closing the week on a new high relative to $SPY pic.twitter.com/6XjyfqqnSO
— Gregory Krupinski (@G_krupins) June 10, 2022
$ETH leading to the downside. As $BTC flirts with the May lows pic.twitter.com/5IZT5SFAWr
— Bailey.Baxter2020 (@BBaxter2020) June 10, 2022
$ETHUSD < 1725 pic.twitter.com/oArJ2GwzUW
— Ian McMillan, CMT (@the_chart_life) June 10, 2022
$ETH below 1700$, welcome to the bear market pic.twitter.com/y6NOMMnb1U
— The Baguette Investor (@TheBaguetteInv1) June 10, 2022
Retirement planning? Nah I’ll take 100 more sh*tcoins, please pic.twitter.com/e5wnAioGkv
— Stocktwits (@Stocktwits) June 10, 2022
You’re all caught up now. Thanks for reading!