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Today’s Summary
Tuesday, June 22nd, 2021
Indices: US Stocks continued higher in today’s session with the Dow inching up 69 points or 0.20%. The S&P 500 and Nasdaq gained 0.51% and 0.79%, respectively. The Russell 2000 rose 0.43%.
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining 0.94%. Utilities lagged, falling 0.61%.
Commodities: Crude Oil futures slipped 0.37% to $72.85 per barrel. Gold futures fell 0.31% to $1,777 per ounce.
Currencies: The US Dollar Index inched lower by 0.15%.
Interest Rates: The 10-year US Treasury yield fell to 1.467%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Look at how quick the dip got defended in $SPX. Two days almost got it all back. pic.twitter.com/IMurAg7k7J
— Michael Antonelli (@BullandBaird) June 22, 2021
Today’s Chart of the Day was shared by Michael Antonelli (@BullandBaird). It’s a daily bar chart of the S&P 500 over the past couple of months. Michael points out that in just two days the S&P 500 has recovered nearly all of last week’s 2% loss. As of today’s close, we’re just 0.20% below an all-time closing high. On Friday, we highlighted the deterioration in breadth, and we’re continuing to see weak breadth despite the fact that the S&P 500 is testing record highs. The percentage of S&P 500 stocks above their 50-day moving average actually ticked lower today to 45.5%. You could view this deterioration in breadth as a bearish divergence, or a healthy reset. Either way, all-time closing highs for the S&P 500 appear imminent despite some continued signs of caution.
Quote of the Day
“When the facts change, I change my mind. What do you do sir?
– John Maynard Keynes
Top Links
Will the Cyclicals Hold Where They Must? – Potomac Fund Management
Dan Russo highlights some key sector-level trends to be aware of.
CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned – Hedgopia
Hedgopia examines positioning in the futures markets.
Bitcoin Hangs on to 30k – Bespoke
Bespoke points out that Bitcoin has successfully tested $30k four times over the past month.
Bitcoin Long Above 30,000 – All Star Charts
JC Parets takes a look at some key levels in Bitcoin after yesterday’s sharp decline.
It’s All About Rotation, Rotation, Rotation – The Final Bar
In this episode of the Final Bar, David Keller and Julius de Kempenaer discuss sector rotation and why the S&P 500 might have limited upside in the near term.
Top Tweets
The S&P 500 is up 13.1% year-to-date through today.
In 19/20 years since 1928 when the S&P was up 13.1% or more at this point in the year, the index climbed even higher through the end of the year.
— Callie Cox (@callieabost) June 22, 2021
#NASDAQ all-time high! pic.twitter.com/jGbq8xifG9
— jeroen blokland (@jsblokland) June 22, 2021
Looking at broader market breadth … 80% of stocks in Russell 3000 are above 200d moving average, down from peak of 93% in early February … nothing too sinister yet but worth keeping an eye on if broader weakness continues
[Past performance is no guarantee of future results] pic.twitter.com/8TdIGQOKP8— Liz Ann Sonders (@LizAnnSonders) June 22, 2021
Less than 1% from ATHs ?♂️ pic.twitter.com/eRyCZzVwGh
— ? I. Vodenitcharov CFA CMT (@iv_technicals) June 22, 2021
$AZMN really trying here pic.twitter.com/DLE5LYDrRS
— Oliver Renick (@OJRenick) June 22, 2021
Bitcoin vs Stocks$USDBTC $BTC $SPX $SPY $ES_F pic.twitter.com/GV4aJJUpaQ
— David Zarling, CMT (@AdaptivCharts) June 22, 2021
Bitcoin showing perfect bottoming setup for a massive summer rally.
Just need confirmation, maybe soon – we'll see.
Would be textbook, after the extreme noise on this site today.
Trading is a serious game. When clowns gather, the market likes to remind who's really in charge. pic.twitter.com/NzLDuRxMwB
— Macro Charts (@MacroCharts) June 22, 2021
Bitcoin reaching an inflection point here…
BULLISH: Lower-lows in price w/ higher-lows in momentum (divergence)
BEARISH: Recent negative MACD crossover
It's not "news" that $30,000 is crucial, but it's a solid line-in-the-sand for risk management.$BTC $BTCUSD pic.twitter.com/eU7YhuxJL8
— Adam D. Koós, CFP®, CMT, CEPA (@AdamKoos) June 22, 2021
$ETH.X working on a Hammer candle, possible reversal, at the 200 day SMA, after pulling back from the top at a 300% extension of the retracement of the 2018 "crash" pic.twitter.com/fur6CMyKKy
— Greg Harmon (@harmongreg) June 22, 2021
Everyone is posting charts of #bitcoin today.. so I'm going to jump in with one… Banks look to be taking on the leadership role $BTC / $KBE #BitcoinCrash pic.twitter.com/TX7D7AlI7f
— Grant Hawkridge (@granthawkridge) June 22, 2021
— Arun S. Chopra CFA CMT? (@FusionptCapital) June 22, 2021
You’re all caught up now. Thanks for reading!