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Today’s Summar
Friday, June 19th, 2020
Indices: US Stocks closed lower in today’s session with the Dow Jones Industrial Average falling 209 points or 0.80%. The S&P 500 closed down 0.56%. The Nasdaq managed to extend its recent winning streak to six consecutive days, eking out tiny gain of 0.03%. The Russell 2000 fell 0.59%.
Sectors: Health Care was the only sector to close higher, rising 0.96%. Utilities lagged, falling 2.81%.
Commodities: Crude Oil futures moved higher by 2.00% to $39.83 per barrel. Gold futures gained 1.27% to $1,753 per ounce.
Currencies: The US Dollar Index rose 0.22%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.702%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Michael Turvey of TD Ameritrade (@MikeTurvey_TDA). It’s a weekly candlestick chart of the S&P 500 over the past 16-months. Michael points out that this week’s price action was constructive to the long-term bullish case for stocks. For starters, we have the 10-week exponential moving average crossing above the 40-week. It’s bullish to see a shorter-term moving average cross above a longer-term moving average like this. Michael also points out that the S&P 500 clawed back the week’s earlier losses to close positive on the week. The index gapped down over 1.5% at the open on Monday but was able to reverse and close higher on the week by nearly 2%.
Quote of the Day
“Stay hungry. Stay foolish.”
– Steve Jobs
Top Links
The Importance of Industrials – All Star Charts
Steve Strazza of All Star Charts takes a look at a sector that doesn’t get much attention these days, Industrials.
Podcast with Katie Stockton, Founder & Managing Partner, Fairlead Strategies – Technical Analysis Radio
In this podcast, JC Parets sits down with respected technician, Katie Stockton. They chat about her career on Wall Street and her research process.
Key Stock Market Breadth Measure Is Not Bullish Yet – See it Market
David Keller explains that the percentage of S&P 500 stocks above their 200-day moving average needs to improve in order to confirm that we’re in a bullish market environment.
Thematic ETFs With The Strongest Trends (Ian McMillan from Adaptiv) – Koyfin
Ian McMillan and Rob Koyfman discuss the current themes in the market and how to spot relative strength.
Where Do We (Investors) Stand – David Cox
In this quick video, portfolio manager, David Cox highlights some of the most noteworthy technical developments from this week.
Top 10 Tweets
$NDX new weekly closing high, first weekly close over 10K.
Other all-time weekly closing highs include: $AAPL $ADBE $AMZN $AYX $CRWD $COUP $DDOG $FB $MSFT $NOW $NVDA $OKTA $PYPL $SE $SHOP $SNAP $SPOT $TSLA $TTD pic.twitter.com/j2ZITDk1ap
— Larry Tentarelli, Blue Chip Daily (@LMT978) June 19, 2020
$SPY backed off the 320 level this week. Bulls made a good effort to bring it back up. Fell a bit short, but it still looks decent.
We'll keep any eye on the $SPY swing low around 295.44 just in case. I suspect 295 will hold. Its a big level on the daily chart. pic.twitter.com/f8R25p27cU
— Keith® (@JackDamn) June 19, 2020
The 50-period moving average on the 1hr chart of $SPX continues to act as support as price trades in a short-term range w/ momentum holding above its midpoint. pic.twitter.com/Quo05809A1
— Andrew Thrasher, CMT (@AndrewThrasher) June 19, 2020
Here is a 4-hour chart of the $DXY Dollar Index overlaid with an inverted S&P 500 emini futures (in green). I think the Greenback's safe haven status is still in play…when a strong risk swing comes back around pic.twitter.com/E3ivWb3m2O
— John Kicklighter (@JohnKicklighter) June 19, 2020
Oil futures are up about 11% this week, trading above $40 a barrel in NY for the first time since the beginning of March. https://t.co/XLseDGZ19b pic.twitter.com/nJVvynBHKm
— Lisa Abramowicz (@lisaabramowicz1) June 19, 2020
Gold had been repeatedly backing off the 1740-1760 zone. Will be interesting to see how it trades this time around between that zone pic.twitter.com/PZahTyZnZg
— Abhishek Chinchalkar, CMT (@abchinchalkar) June 19, 2020
Sentiment on Gold has eased away from excessive optimism – looks like recent price consolidation there ready to resolve higher. pic.twitter.com/7wShNEeeuF
— Willie Delwiche, CMT, CFA (@WillieDelwiche) June 19, 2020
Lumber telling the story… pic.twitter.com/3Ja2AC1zjJ
— Linda Raschke (@LindaRaschke) June 19, 2020
Kraft Heinz, slowly but surely, is coming to life. $KHC is judged to be in the throes of a “Bearish-to-Bullish” Reversal, with the prospective completion of the bottoming-out process implying a move to the $45+/- level. Buy. pic.twitter.com/01lJilbin3
— Carter Braxton Worth (@CarterBWorth) June 19, 2020
Remember when it seemed as though stocks always went down on Fridays? Neither does the market. https://t.co/uDvcVM91im pic.twitter.com/cE6u9sYUCC
— Bespoke (@bespokeinvest) June 19, 2020