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Todayโs Summary
Friday, June 16, 2023
Indices: Dow -0.32% | S&P 500 -0.37% | Nasdaq -0.67% | Russell 2000 -0.73%
Sectors: 3 of the 11 sectors closed higher. Utilities led, gaining +0.54%. Communications lagged, falling -0.83%.
Commodities: Crude Oil futures rose +1.58% to $71.93 per barrel. Gold futures were unchanged and remain at $1,971 per oz.
Currencies: The US Dollar Index inched higher by +0.15% to $102.30.
Crypto: Bitcoin rose +2.97% to $26,333. Ethereum gained +3.11% to $1,717.
Interest Rates: The US 10-year Treasury yield rose to 3.769%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Jay Woods (@JayWoods3). Itโs a weekly candlestick chart of the Industrial Sector ($XLI) over the past five years. The largest stocks within $XLI include, $RTX, $HON, $UPS, $CAT, and $UNP. Jay points out that the Industrial sector is approaching blue-sky territory after recovering from a 22.5% drawdown. Itโs already at 52-week highs (on a weekly closing basis), and itโs about 1.5% from all-time highs. Itโs built a two year base to launch higher from, with resistance around $107. A potential breakout would further confirm a new bull market given that Industrials have historically been one of the most positively correlated sectors to the S&P 500.
Quote of the Day
โSimple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But itโs worth it in the end because once you get there, you can move mountains.โ
โ Steve Jobs
Top Links
Volatility Regime Shift โ LPL Financial Research
Adam Turnquist explains why the S&P 500 could be shifting into a low volatility environment.
Four Things the Bulls Need to Know โ Carson Group
Ryan Detrick highlights four reasons why the bulls should embrace this rally.
Is There Big Tech Trouble in FANG(staโs) Paradise? โ StockCharts.com
Julius de Kempenaer examines potential rotation within the technology sector.
June Sector Update: Industrials โ Grindstone Intelligence
Austin Harrison looks at the industrial sector as it approaches record highs.
Silver Prices Testing 800 Pound โPennantโ Breakout Resistance! โ Kimble Charting Solutions
Chris Kimble points out that Silverโs long-term chart is building potential energy for a strong move.
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