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Todayās Summary
Wednesday, June 21, 2023
Indices:Ā Russell 2000Ā -0.20%Ā | DowĀ -0.30%Ā |Ā S&P 500Ā -0.52%Ā |Ā NasdaqĀ -1.35%
Sectors: 6 of the 11 sectors closed higher. Utilities led, gainingĀ +0.80%. Technology lagged, fallingĀ -1.48%.
Commodities: Crude Oil futures roseĀ +1.88%Ā to $72.53 per barrel. Gold futures inched lower byĀ -0.14%Ā to $1,945 per oz.
Currencies: The US Dollar Index droppedĀ -0.44%Ā toĀ $102.508.
Crypto: Bitcoin gainedĀ +5.98%, closing at $30,009. Ethereum roseĀ +5.43%Ā to $1,890.
Interest Rates: The US 10-year Treasury yield was unchanged at 3.725%.
Here areĀ the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$BTCUSD – Bitcoin in a logical area to take a breather.
Let's see if we can get some polarity at 28.5K area (blue area). #Bitcoin pic.twitter.com/V0TZVFIUw0
— Larry Thompson (@HostileCharts) June 21, 2023
Today’s Chart of the Day was shared by Larry Thompson (@HostileCharts).Ā Bitcoin reclaimed $30k today after rallyingĀ +20%Ā over the past week. It was skating on thin ice last week as it testedĀ crucial support at $25k. However, buyers showed up right where they needed to this weekend. Larry points out that it would make sense to see Bitcoin pause at $30k to consolidate its recent gains, and digests overhead supply from the April highs. $30k also coincides with theĀ VWAP anchored to its all-time highs.Ā At this point, $30-$31k is the next upside objective for Bitcoin, and bulls want to see $28k act as support in the near term on any potential weakness.
Quote of the Day
āA bull market is a bull.
It tries to throw off its riders.ā
ā Richard Russell
Top Links
The Stock Market Just Signaled That The Ongoing Rally is Broadening and has More Room to Run – Business Insider
Katie Stockton points out that the Advance-Decline Line is breaking out.
Newsletters Move Bullish in Investors Intelligence Survey – Schaeffer’s Investment ResearchĀ
Rocky White looks at the latest sentiment survey from Investors Intelligence and what it suggests for the S&P 500.
Johnson: Markets Will Likely Move Higher Into the End of This Year After the Fed’s Last Hike – CNBC
In this clip, Craig Johnson shares his thoughts on the Fed and the S&P 500.
Visualizing Every Company on the S&P 500 Index – Visual Capitalist
Here’s a cool visual breakdown of the S&P 500 and its components.
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Top Tweets
Daily Mkt Mood: Mixed/Risk-Off
1. Stocks down 3rd day
2. Bonds flat/mixed
3. Dollar down
4. Oil +2%
5. Chips/AI down againPowell reiterated hiking for longer message, stocks seemed to hear today.
But unclear if this is the start of a move down toward 1-year range.
— Abigail Doolittle (@TheChartress) June 21, 2023
$NDX $SPX standard pullbacks > 20-sma so far.
Over 50-sma keeps the intermediate-term uptrend intact.
Pullbacks follow breakouts. pic.twitter.com/dzXKK9B3Cg— Larry Tentarelli, Blue Chip Daily (@LMT978) June 21, 2023
File this under things that can happen but shouldn't persist. pic.twitter.com/Nr44Z8XFyI
— Jim Carroll (@vixologist) June 21, 2023
The $VIX ended the day at 13.20, its lowest close since January 2020. pic.twitter.com/T2xRzNsaJD
— Charlie Bilello (@charliebilello) June 21, 2023
How long before the permabear thesis shifts from breadth (already debunked) to “the VIX is too low?” pic.twitter.com/C2KQAJ4TTa
ā Dan Russo, CMT (@DanRusso_CMT) June 21, 2023
Weekly trend for dollar is bearish, how it breaks out of current channel has lots of potential implications. Another leg down could give commodities, emerging markets, and Treasuries a boost. Small caps would likely continue to lag large caps, not unusual for bull market. $DXY pic.twitter.com/Ap4NCLrfco
— Michael Turvey (@MikeTurvey_TDA) June 21, 2023
Commodities rockin $DBC highest since late April pic.twitter.com/CYRMaEImkp
— Mike Zaccardi, CFA, CMT š (@MikeZaccardi) June 21, 2023
We all see the agriculture commodities moving… but in case you missed it, here's a few: $WEAT $SOYB $CORN $TAGS pic.twitter.com/1KpPjDkPMh
— Pete Carmasino (@PeteCarmasino) June 21, 2023
š½2012, 2013 and 2023 CBOT December #corn checkup, June 21: pic.twitter.com/TygpO4IpvM
— Karen Braun (@kannbwx) June 21, 2023
It's $CORN pic.twitter.com/3wJ2CuTPXf
— Jay R. Ligon (@TheeDisruptor) June 21, 2023
Bitcoin is up ~18% since BlackRock's spot ETF filing pic.twitter.com/It23iJbWJr
— Katie Greifeld (@kgreifeld) June 21, 2023
Bitcoin $BTC loves kicking off rallies with failed moves and bad news pic.twitter.com/BpknafQNGb
— Steven Strazza (@sstrazza) June 21, 2023
#Bitcoin is up 12% in just over 24 hours.#ArtificialIntelligence down#Tesla down#Meme stocks down
I sometimes wonder to what extent these investments form a universe of their own, where money just follows the strongest momentum until money leaves or fresh money comes in. pic.twitter.com/HgTd115MyI— jeroen blokland (@jsblokland) June 21, 2023