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Todayโs Summary
Tuesday, June 20, 2023
Indices: Nasdaq -0.09% | S&P 500 -0.47% | Russell 2000 -0.47% | Dow -0.72%
Sectors: Consumer Discretionary was the only sector that closed higher, gaining +0.55%. Energy lagged, dropping -3.09%.
Commodities: Crude Oil futures fell -1.03% to $71.19 per barrel. Gold futures dropped -1.19% to $1,948 per oz.
Currencies: The US Dollar Index ticked higher by just +0.05% to $102.54.
Crypto: Bitcoin rose +5.08% to $28,205. Ethereum gained +2.90% to $1,787.
Interest Rates: The US 10-year Treasury yield dropped to 3.725%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Rare air for the QQQ, trading 24% above its 200-day average. Stretched? Sure, but also consistent with a move coming off market lows. Not much endorsement from ETF flows either. pic.twitter.com/DEO7dqds9O
— Todd Sohn (@Todd_Sohn) June 20, 2023
Todayโs Chart of the Day was shared by Todd Sohn (@Todd_Sohn). The mild ~2% pullback in the Nasdaq over the past two sessions should come as no surprise, given the relentless rally that preceded it. Todd points out, on Thursday, the Nasdaq 100 ETF ($QQQ) was 24% above its 200-day moving average for the first time in more than two years. Thatโs in the 95th percentile of all historical readings. While itโs rare to see the Nasdaq stretch this far above its long-term average, Todd pointโs out that itโs not necessarily a bad thing. If anything, this has coincided with bear market recoveries and strong uptrends. Less than a year ago, the Nasdaq was 20% below its 200-day moving average for the first time in more than a decade.
Quote of the Day
โExcesses in one direction will lead to an opposite excess in the other direction.โ
โ Bob Farrell
Top Links
Why Stocks Could Make A New High in 2023 โ Carson Group
Ryan Detrick explains why he thinks the S&P 500 could reach record highs by yearโs end.
The Stock Market Got Overbought. What Happens Next? โ Grindstone Intelligence
Austin Harrison looks how the major indices have historically performed after RSI reached overbought levels.
The Dollar Breakdown and Who Profits โ Against All Odds Research
Jason Perz examines some of the intermarket trends at play.
The Great Hijacking โ The Bearโs Trap Report
Larry McDonald shares his thoughts on the growing dominance of passive investors.
Our Favorite International Stocks Right Now | The Morning Show
We joined The Morning Show earlier today, to discuss the most noteworthy charts and trends across the markets.
The Chart Report is now better than everโฆ
Introducing The Chart Report: Private Access.
Private Access is everything you love about The Chart Report โ plus MORE charts, trade ideas, and access to our exclusive scans and model portfolio updates.
Top Tweets
Daily Mkt Mood: Risk-Off
1. Stocks slide
2. $SPX worst day in 3 wks
3. China tech sells off by 5% or so
4. Commodities down ~1.5%
5. Bonds rally a littleLooks like AI bubble may pop soon, will share a chart soon that shows $SOX very rich valuation.
Consolidation is healthy!
— Abigail Doolittle (@TheChartress) June 20, 2023
Nice Beat The Bench report from @scottcharts this morning, but this stood out.
When the S&P 500 makes a 52-wk high after a 52-wk low, it has been higher a year later 14 out of 14 times. Also, up more than 16% on average.
This just triggered last week. pic.twitter.com/eqdI4G9lfP
— Ryan Detrick, CMT (@RyanDetrick) June 20, 2023
The run-up since Oct 2022 has featured classic breadth thrust โ , breadth recovery โ , and price momentum โ , suggesting a cyclical advance toward SPX 5400-5600. BTFD ahead? pic.twitter.com/regXV2TbmI
— Mark Ungewitter (@mark_ungewitter) June 20, 2023
I wonder how long this divergence will last. $VIX $VVIX pic.twitter.com/safg1slSmB
— Andrew Thrasher, CMT (@AndrewThrasher) June 20, 2023
Stocks are yielding less than cash, but for context, stocks were yielding less than cash, Treasuries, and corporate bonds for several years in the late 1990s. Not impossible to see a repeat. pic.twitter.com/ehveihpy1r
— Nick Reece (@nicholastreece) June 20, 2023
Cycle composites don't always work, but when they do: @NDR_Research #thetrendisyourfriend pic.twitter.com/J2KOc763bR
— Day Hagan Asset Management (@DayHagan_Invest) June 20, 2023
Worst day for China $FXI in 8 months. pic.twitter.com/cpfpxMSOUV
— Mike Zaccardi, CFA, CMT ๐ (@MikeZaccardi) June 20, 2023
$ARGT vs. $SPX pic.twitter.com/t7csaejAhD
— Ian McMillan, CMT (@the_chart_life) June 20, 2023
The burden of proof is increasing upon the bears in Bitcoin $BTC
The retesting of the underlying H&S has been well supported
and a possible falling wedge is being completed on daily line chart pic.twitter.com/fLnh31PkLA— Peter Brandt (@PeterLBrandt) June 20, 2023
The divergence between the Nasdaq 100 and #Bitcoin persists. pic.twitter.com/aG5tm4caGZ
— Alfonso Depablos (@AlfCharts) June 20, 2023
for a stock with a huge market cap, $TSLA sure makes wildly large swings back and forth. crazy momentum stock pic.twitter.com/RJZiVKPEnp
— bostoncharts (@bostonchaahhts) June 20, 2023