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Today’s Summary
Monday, June 15th, 2020
Indices: US Stocks closed higher after clawing back the day’s earlier losses. The Dow Jones Industrial Average advanced 158 points or 0.62%. The S&P 500 and Nasdaq rose 0.83% and 1.43%, respectively. Small-Caps outperformed with the Russell 2000 gaining 2.30%.
Sectors: All 11 sectors closed higher. Communications led, rising 1.61%. Health Care lagged but still inched up 0.23%.
Commodities: Crude Oil futures moved higher by 2.37% to $37.12 per barrel. Gold futures slipped 0.58% to $1,727 per ounce.
Currencies: The US Dollar Index fell 0.48%.
Interest Rates: The US 10-year Treasury yield rose to 0.724%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$SPX Finding support around 2,960 at the convergence of 50, 100, 200-day EMAs without material weakness in momentum $SPY pic.twitter.com/GHkbHxymYV
— Drew Wells, CMT, CIMA® (@DrewTheCharts) June 15, 2020
Today’s Chart of the Day was shared on Twitter by Drew Wells (@DrewTheCharts). It’s a daily candlestick chart of the S&P 500 over the past year. The S&P 500 staged an impressive reversal today, closing more than 3% off this morning’s low. Drew points out that bulls found support right where they needed to, at a trifecta of key moving averages. The 50, 100, and 200-day exponential moving averages have all clustered together around the 2,960 level, which is right where price reversed this morning. He adds that momentum remains in a bullish range with RSI above 50. Today’s price action is evidence that buyers are in control for now.
Quote of the Day
“The more a man really knows about speculation, the less certain he becomes in regard to any market movement.”
– Charles Dow (Founder of The Wall Street Journal)
Top Links
Frank Cappelleri Breaks Down the Financial Sector – TD Ameritrade Network
In this clip, Frank Cappelleri of Instinet offers his technical perspective on the market.
Weekly S&P 500 #ChartStorm – TopDown Charts
Callum Thomas shares ten charts that shed light on the current market environment.
The Chop is Back – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon, and Ivanhoff highlight some of the hottest stocks and trends in the market.
Semis Stocks’ Big Reversal – CNBC
Ari Wald of Oppenheimer shares his thoughts on Semiconductor stocks.
These Are the 6 Best Books to Read About Technical Analysis in the Stock Market – Business Insider
Want to learn more about Technical Analysis? Business Insider put together this list of noteworthy books to add to your summer reading list.
Top 10 Tweets
Today's Mkt Mood: ALL OVER THE MAP
– Turned risk-on from risk-off
– Bullish reversal for stocks
– But $SPX lower highs/lows uglyThoughts on Tomorrow
– Eco data plus Powell
– Watch the $ & the yen
– Lots of ugly technicals out there— Abigail Doolittle (@TheChartress) June 15, 2020
If the S&P 500 closes up today, it’ll be just the 3rd time in 10 years that the index has dropped 2.5% or more intraday, then recovered its losses.
— Callie Cox (@callieabost) June 15, 2020
The S&P 500 gained 44.5% off of the 3/23/20 lows.
This is the largest rally off of a major low ever. Remember, the subsequent pullback after major lows are in place has been 10.3%.
In other words, some weakness after big moves like this is perfectly normal. pic.twitter.com/KvzXpVjLYQ
— Ryan Detrick, CMT (@RyanDetrick) June 15, 2020
heading into Monday, stocks are already oversold for the first time since the March bottom using % $SPX > 10MA pic.twitter.com/KmxK64HiwX
— David Cox, CMT, CFA (@DavidCoxWG) June 15, 2020
Trucking $DJUSTK red to green at the breakout backtest ? pic.twitter.com/2CNM5GcQGH
— Aaron (@ATMcharts) June 15, 2020
Below is a chart that compares $SPX to $TLT with a 200-day moving avg.
When the line is going up, it means that stocks are strengthening vs. long-term, U.S. Treasuries. When it's falling, bonds are strengthening.
Notice how stocks came up for air, but are back under water. pic.twitter.com/LIg7k1iUHa
— Adam D. Koós, CFP®, CMT (@AdamKoos) June 15, 2020
it's hard for me to be convinced the world is coming to an end if European Bank stocks are above their 2016 lows. Tough to make a bearish case for equities if that's the case. #E1FIN $EUFN pic.twitter.com/WkhSIGQISr
— J.C. Parets (@allstarcharts) June 15, 2020
Gold miners ( $gdx ): daily chart
Another bounce of the important support area. Gold miners continue to look strong. pic.twitter.com/ZZUUhCcP8l
— Adrian (@highlevelTrader) June 15, 2020
$pton follow up pic.twitter.com/CpVfYaV2Gr
— Scott Redler (@RedDogT3) June 15, 2020
Zoom is one good day away from having a higher market cap than Goldman Sachs pic.twitter.com/DN3RRdTWyZ
— Michael Batnick (@michaelbatnick) June 15, 2020