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Today’s Summar
Thursday, June 18th, 2020
Indices: US Stocks were little changed in today’s session with the Dow Jones Industrial Average inching lower by just 40 points or 0.15%. The S&P 500 and Nasdaq closed slightly higher by 0.06% and 0.33%, respectively. The Russell 2000 was also flat, changing just 0.04%.
Sectors: Energy led, gaining 1.23%. Real Estate lagged, falling 1.24%.
Commodities: Crude Oil futures moved higher by 2.87% to $39.05 per barrel. Gold futures slipped 0.26% to $1,731 per ounce.
Currencies: The US Dollar Index rose 0.39%.
Interest Rates: The US 10-year Treasury yield fell to 0.715%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Silver miners ETF ($SIL) is carving out a nice bull flag. https://t.co/K4q3o2ynzA pic.twitter.com/wBLi1Gzcbm
— Koyfin (@KoyfinCharts) June 18, 2020
Today’s Chart of the Day was shared on Twitter by Koyfin (@KoyfinCharts). It’s a daily candlestick chart of the Silver Miners ETF ($SIL) over the past year. About a month ago, $SIL broke a key resistance level around $33 and quickly ran to $37 just a few days later. Since then, it has pulled back to retest that breakout level around $33. Koyfin points out that price has formed a continuation pattern known as a bull flag. Keep in mind this ETF saw a triple-digit rally in just nine weeks off of the March low. A consolidation or brief pause following that massive rally is healthy in order for price to continue higher. $33 remains a critical support level. If price holds above that level and breaks out of this bull flag, we could see another leg higher for $SIL.
Quote of the Day
– Bill Gates
Top Links
3 Charts That Have Our Attention – LPL Financial Research
The team at LPL Financial Research offers some food for thought in three charts.
Jerry Parker Talks Latest in Currency Market – TD Ameritrade Network
In this clip, legendary trend follower, Jerry Parker offers his thoughts on currency and commodity markets.
Gold Bulls Eyeing Potential Cup & Handle Pattern – See it Market
Chris Kimble explains why he thinks Gold could be headed to $3,000 per ounce.
Own Growth Stocks if You are Going to Own Small Caps – Chaikin Analytics
In this quick video, Dan Russo of Chaikin Analytics discusses why he continues to favor growth over value.
Election Year July Performance Tepid – Almanac Trader
Seasonality expert, Jeff Hirsch takes a look a how the major indices have historically performed throughout July in election years.
Top 10 Tweets
Today's Market Mood: NEUTRAL
– Tiny mixed moves for stocks
– But beware the haven bid
– Yen & bonds up over last 2 wksThoughts on Tomorrow
– Dollar $DXY up for 4th day?
– $SPX stall is about to break
– Powell & … Friday!— Abigail Doolittle (@TheChartress) June 18, 2020
Today was unexpectedly boring.
Define boring as a trading day with a high-low range of less than 1% – define unexpectedly as $VIX >=30, and here are the only dates that match since Y2K:
6/18/2020
5/7/2020
11/29/2011
12/26/2008
12/24/2008
2/3/2003
10/24/2001
10/9/2001— Steve Deppe, CMT (@SJD10304) June 18, 2020
$SPX updated chart. We've got two narrow range days, both inside Tuesday's range. Feels like a big move is coming, but no idea which way. pic.twitter.com/F0tdAG4yUA
— Brian Lund (@bclund) June 18, 2020
I don't follow OBV very closely, but I like that it has made a higher high in June (backed off some last wk or so) vs back in February…anyone track this closely who would have thoughts? pic.twitter.com/ABYwORAwEi
— Mountain View Trading (@DanWiserMtnView) June 18, 2020
This week, the NAAIM index rose 10.8 points w/w to 88.3, while AAII bulls dropped 9.9 percentage points to 24.4%. The former represents investment managers, the latter retail investors. Spread between the two reached 11-month high — further into frothy territory. $SPY $QQQ $IWM pic.twitter.com/JDez0BgfC5
— hedgopia (@hedgopia) June 18, 2020
breakout is consolidating nicely up here… bull flag looking pic.twitter.com/Kfqiqasplw
— KKern, TTB (@kkernttb) June 18, 2020
EM equities are in some sense a high-beta currency play. Ratio of $EEM to $HEEM, a measure of EM currencies in $USD, suggests ~4X beta in recent years. Positive correlation creates double headwind (or tailwind) for dollar-based investors. Thank you Captain Obvious? pic.twitter.com/HzAoIGRx8d
— Mark Ungewitter (@mark_ungewitter) June 18, 2020
DXY$DXY $EEM pic.twitter.com/SZcWmp5iqo
— Bhagyashree Urdhwareshe, CMT (@sunsofttech) June 18, 2020
We're entering month #3 of consolidation for $GOLD and the move out of a consolidation this size won't be small. This still looks like a bull flag and therefore, bias is we break up to a new high. As a bonus, Gold is also about to enter its period of seasonal strength in mid July pic.twitter.com/PfxaBBFLh1
— Adam Mancini (@AdamMancini4) June 18, 2020
Joe Rogan and Kim Kardashian send Spotify to all-time highshttps://t.co/wEdZlJPdT8 pic.twitter.com/vq6IN9P8Gp
— Hipster (@Hipster_Trader) June 18, 2020