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Today’s Summary
Monday, June 21st, 2021
Indices: US Stocks kicked off the week on a positive note, with the Dow rebounding 587 points or 1.76%. The S&P 500 and Nasdaq gained 1.40% and 0.79%, respectively. The Russell 2000 outperformed rising 2.16%.
Sectors: All 11 sectors closed higher. Energy led, gaining 3.21%. Consumer Staples lagged but still rose 0.49%.
Commodities: Crude Oil futures moved higher by 2.57% to the highest level in nearly three years at $73.12 per barrel. Gold futures bounced 0.79% to $1,783 per ounce.
Currencies: The US Dollar Index fell 0.52%.
Interest Rates: The 10-year US Treasury yield rose to 1.490%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
So what’s it gonna be? Decision time… pic.twitter.com/gN0entn9cC
— Julien Bittel, CFA (@BittelJulien) June 21, 2021
Today’s Chart of the Day was shared by Julien Bittel (@BittelJulien). It’s a monthly candlestick chart of Crude Oil futures over the past 15 years. Crude Oil settled at its highest level in nearly three years today, around $73 per barrel. Julien points out that price has reached a key long-term level. We’re currently testing potential resistance from the 2018 highs, as well as trendline resistance that has been in place for over a decade. The Energy sector has been the clear leader so far this year. However, if Crude Oil reverses lower at this potential inflection point, we could see the Energy sector resign its leadership in the second half of the year.
Quote of the Day
“The most important decision you make is to be in a good mood.”
– Voltaire
Top Links
July Has Been a Top Month of Post-Election Years – Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at how Stocks have historically fared in July of post-election years.
What Are Bonds Telling Us? – MurphyCharts
Shane Murphy examines what the Bond market and the yield curve could be telling us.
It Doesn’t Matter Until It Matters – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss the major technical developments across the markets, including breadth deterioration, Growth vs. Value, the reversal in the US Dollar, and more.
Should Investors Buy Into the Growth and Tech Comeback This Month? – CNBC
Ari Wald of Oppenheimer offers his perspective on the rebound in Growth/Tech stocks.
Inner Game With Steve Cohen – Stray Reflections
Here’s a rare interview with the legendary hedge fund manager, Steve Cohen.
Top Tweets
$ES, 4h
Why not? S&P500 formed yet another Bear Trap today 🙂
The fifth Bear Trap of 2021. pic.twitter.com/Que1mxYC8a
— Yuriy Matso (@yuriymatso) June 21, 2021
Bouncing off the 50-day we have:
⬆️ Total World $VT
⬆️ Total International $VXUS
⬆️ EAFE $EFA
⬆️ Developed Markets $VEA
⬆️ Total US $VTI
⬆️ S&P 100 $OEF
⬆️ S&P 500 $SPY
⬆️ Russell 2000 $IWM
⬆️ Russell 3000 $IWV pic.twitter.com/H1tNOKIIZr— Grayson Roze (@GraysonRoze) June 21, 2021
These will most likely need to fix themselves if the broad market is to move significantly higher in the coming days/weeks… pic.twitter.com/ijgbcazA41
— Ian McMillan, CMT (@the_chart_life) June 21, 2021
These type of spikes in 21-day lows make you sit up in your chair… but will it roll over into 63-days? $ACWI pic.twitter.com/s9Ym4v81Ni
— Grant Hawkridge (@granthawkridge) June 21, 2021
The resolution out of this compression in Apple $AAPL should provide quality information. pic.twitter.com/X5cwQbQ5pQ
— David Zarling, CMT (@AdaptivCharts) June 21, 2021
Important spot for the $ pic.twitter.com/Wd6r8fXYVr
— Strategas (@StrategasRP) June 21, 2021
#Oil's winning streak continues… pic.twitter.com/MwhqQG2fOE
— jeroen blokland (@jsblokland) June 21, 2021
Crude Oil closes above $73 a barrel for the first time since October 2018, up 84% in the last year. pic.twitter.com/8mhMdSqwyJ
— Charlie Bilello (@charliebilello) June 21, 2021
Crypto getting taken behind the woodshed. But I guess most in this space don't care cause they just #HODL pic.twitter.com/jHiZ75NHwI
— Greg Rieben (@gregrieben) June 21, 2021
$BTC approaching critical support. Nothing is broken until $30k is lost, but the chart doesn't look so hot as that head and shoulders continues to fill out with eerie symmetry. Adventurous types could long support at $30k but I am staying out until clarity. #bitcoin #crypto pic.twitter.com/17D2b218TO
— The Third Coast (@ThirdCoastTA) June 21, 2021
#Bitcoin breakout out of its range to the downside. $BTC has struggled to regain its May high VWAP. pic.twitter.com/i20G02bgiE
— Andrew Thrasher, CMT (@AndrewThrasher) June 21, 2021
Woof pic.twitter.com/sK1o8ckM0h
— Tom Hearden (@followtheh) June 21, 2021
You’re all caught up now. Thanks for reading!