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Today’s Summary
Monday, June 14th, 2021
Indices: US Stocks were a mixed bag to start the week. The Dow slipped 86 points or 0.25%. The S&P 500 and Nasdaq both closed at record highs, rising 0.18% and 0.74%, respectively. The Russell 2000 underperformed, falling 0.41%.
Sectors: 6 of the 11 sectors closed higher. Consumer Discretionary led, rising 1.01%. Materials lagged, falling 1.23%.
Commodities: Crude Oil futures were unchanged and continue to trade around $70.88 per barrel. Gold futures moved lower by 0.73% to $1,866 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The 10-year US Treasury yield rose to 1.496%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
In my view, it looks like the bottom is in. pic.twitter.com/16Eg8aHxNo
— Jurrien Timmer (@TimmerFidelity) June 14, 2021
Today’s Chart of the Day was shared by Jurrien Timmer (@TimmerFidelity). On the bottom is a daily bar chart of Bitcoin over the past 10-months, and on top, is the Goldman Sachs Retail Favorites Index (meme stocks). Jurrien points out that Bitcoin has likely carved out an intermediate-term bottom. Interestingly, the meme stock index has been highly correlated with Bitcoin over the past year. Both peaked in mid-April, however, meme stocks have recovered to new highs. Could Bitcoin follow meme stocks higher? The next potential resistance level for Bitcoin is around $50k. How price behaves around that level will be very revealing. We’re currently trading around $40k, and could test $50k at some point this week, so stay tuned! For more on this, check out the full thread from Jurrien here.
Quote of the Day
“Fortune favors the prepared mind.”
– Louis Pasteur
Top Links
Breakout Imminent as On Major US Equity Indices, Staying Power a Question Mark – Hedgopia
Hedgopia takes a look at market internals as the major indices breakout to record highs.
Tech Progress – AlphaCharts
Brian at AlphaCharts highlights some attractive setups within the Tech sector.
European Equities – BREAKOUT – Topdown Charts
Mike Zaccardi explains why European equities are beginning to look relatively attractive.
When This Happens, Value Stocks Soar – SentimenTrader
Jason Goepfert examines what has historically happened when the S&P 500 hits a 3-year high at the same time the 10-year Treasury yield hits a 3-month low.
Paul Tudor Jones Says ‘Go All-In on The Inflation Trades’ If Fed Keeps Ignoring Higher Prices – CNBC
Legendary trader, Paul Tudor Jones shares his thoughts on commodities and inflation.
Top Tweets
Nice ramp to close the day pic.twitter.com/UmMfgQfqqR
— David Rath (@DJwrath) June 14, 2021
The perma-bears have been pronouncing the death of tech stocks.
Someday they will be right.
But that is not today.$QQQ $NQ_F
New ATH pic.twitter.com/488s3EVt84— Peter Brandt (@PeterLBrandt) June 14, 2021
$IWM $SPY $QQQ $DIA
2 down…. 2 more to go.
For me, it's very easy and straight forward from here… I also know when defensive action would be required.
Technical Analysis just helps. Honest. pic.twitter.com/d4U1AQbnrf— Sam McCallum (@honeystocks1) June 14, 2021
Timeframes matters.. great visual look pic.twitter.com/g1QIaGjzhu
— Grant Hawkridge (@granthawkridge) June 14, 2021
Index composition matters … given cyclicals like Financials are now considered momentum, forward P/E in MSCI World Momentum Index has fallen through floor
[Past performance is no guarantee of future results] pic.twitter.com/HJZ1rwTW44— Liz Ann Sonders (@LizAnnSonders) June 14, 2021
Non-U.S. vs. $SPX. Most important chart in the world? pic.twitter.com/44dFDMqYyT
— Mark Ungewitter (@mark_ungewitter) June 14, 2021
$ARKK looks like it will have first close over 200 day since it cracked it in April
(did not see any chatter about death cross last week ) pic.twitter.com/ryQeqPQZ8I— Tom Hearden (@followtheh) June 14, 2021
Bitcoin, 41,000 perfect save, trend line and trend channel resistance. Despite being a big fan of Ethereum and Cardano I still think Bitcoin trades below 30,000. Regulation and Tether are the flashing red lights. And Tether, and Tether and …. pic.twitter.com/1n0P9FnFIh
— James Brodie CMT (@jamesrbrodie) June 14, 2021
#Bitcoin price-by-volume analysis:
Support in the $32k-$38k range…
Sellers (resistance) waiting at $55k-$60k.
This week we unveil our #Bitcoin price + flow model.@WarrenPies @fernavid pic.twitter.com/HVRs9sPIRc
— 3Fourteen Research (@3F_Research) June 14, 2021
Bitcoin is trying to break out of its recent range and don't forget Saylor/$MSTR gets his $500mio today and i doubt he will waste anytime in ramping BTC higher… could see 42k or even 47k on this move pic.twitter.com/5hJeezSM9m
— FxMacro (@fxmacro) June 14, 2021
Pretty sure this technical pattern is called "Apple Finally With a Chance To Get Out of Its Own Way, Maybe"$AAPL pic.twitter.com/3QoxQr1Puf
— Michael Santoli (@michaelsantoli) June 14, 2021
You’re all caught up now. Thanks for reading!