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Today’s Summary
Friday, June 23, 2023
Indices: Dow -0.65% | S&P 500 -0.77% | Nasdaq -1.00% | Russell 2000 -1.44%Â
Sectors: All 11 sectors closed lower. Communications led, but still fell -0.22%. Utilities lagged, dropping -1.47%.
Commodities: Crude Oil futures fell -0.50% to $69.16 per barrel. Gold futures rose +0.31% to $1,930 per oz.
Currencies: The US Dollar Index rose +0.46% to $102.87.
Crypto: Bitcoin rose +2.77% to a new 52-week high of $30,716. Ethereum gained +1.13% to $1,894.
Interest Rates: The US 10-year Treasury yield fell to 3.737%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
The S&P 500 is on track to close lower by more than 1% for the first time since early March. However, the index is set to post a second consecutive weekly close above the August highs pic.twitter.com/eNE7oJ4GEx
— Scott Brown, CMT (@scottcharts) June 23, 2023
Today’s Chart of the Day was shared by Scott Brown (@scottcharts). It was a short trading week with the holiday on Monday, but the S&P 500 snapped a five-week winning streak, falling -1.39%. This slight pullback has been perfectly normal so far. You could even view it as healthy, given the relentless strength that preceded it. Scott points out that price continues to hold above the August highs (around 4300). If price fails to hold this level in the near term, it would open the door for a potential retest of the notorious 4200 level. Despite the recent weakness, the uptrend off the October lows remains intact, and breakout levels are finally starting to hold.
Quote of the Day
“Keep in mind that progress is not always linear. It takes constant course correcting and often a lot of zigzagging.”
– Buzz Aldrin
Top Links
Why a Sunny Second Half of 2023 is Likely – Carson Group
Ryan Detrick lays out a few reasons why stocks could continue their upward trajectory in the second half of the year.
June Mid-Month Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five key themes to watch in the coming weeks.
Pause and Reflect – LPL Finanial Research
Adam Turnquist examines how stocks have historically performed after the Fed pauses its rate hiking cycle.
Frank Cappelleri Examines Technical Trends – TD Ameritrade Network
In this clip, Frank Cappelleri shares his perspective on the S&P 500, Health Care, the Dollar Index, Bitcoin, and more.
Stock Market Video Analysis for Week Ending 6/23/23 – AlphaTrends.net
Brian Shannon breaks down this week’s price action and highlights some key levels to watch in the near term.
The Chart Report is now better than ever…
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Top Tweets
Momentum slowed for #stocks this week. The S&P 500 fell 0.77%, declining for the 4th time in the last 5 trading days. It was the first weekly loss for the S&P 500 (-1.4%) in 6 weeks. Summer is officially here, but performance cooled off. pic.twitter.com/Kar6bbxclH
— Cetera Investment Management (@ceteraIM) June 23, 2023
It's not unusual to see stocks struggle in the short term when sentiment reverses from bearish to bullish.
However, a year later… pic.twitter.com/2cp63hjdin
— Dean Christians, CMT (@DeanChristians) June 23, 2023
$ccmp #nasdaq CCMP best ever performance YTD through mid-Summer. pic.twitter.com/0nMlSl2gq4
— Nautilus Research (@NautilusCap) June 23, 2023
Since the S&P $SPY peaked on 6/15, it has been the worst performers YTD up to that point leading the declines. Would have expected it to be the other way around with the biggest winners pulling back the most.
You can read a more in-depth analysis here: https://t.co/0NllDrHKUM pic.twitter.com/HEEpUv2JYt
— Bespoke (@bespokeinvest) June 23, 2023
Russell 2000 has given up nearly all June gains relative to NASDAQ 100
[Past performance is no guarantee of future results] pic.twitter.com/ZH8Z62zPgt— Liz Ann Sonders (@LizAnnSonders) June 23, 2023
IWM. Watching $180 next week. pic.twitter.com/4vrahKWriB
— Louis Spector (@EastCoastCharts) June 23, 2023
Are we dealing with a failed break out at all time highs in the German DAX?
How does this impact European Markets and could that weakness potentially spill over to the US? $DAXX $SPX $SPY pic.twitter.com/vEKegmLUHr
— Sam McCallum (@Honeystocks1) June 23, 2023
Everyone hoping for "the bottom" in Bonds – again.
What if it's NOT the bottom – *again*?
In Bear Markets, Hope is a four-letter word. Beware. pic.twitter.com/8CHsM8zCCp
— Macro Charts (@MacroCharts) June 23, 2023
$GDX – The same or different? pic.twitter.com/ncDDuQe14F
— Frank Cappelleri (@FrankCappelleri) June 23, 2023
#bitcoin breaks out to new 52-week high…$BTC $BTCUSD pic.twitter.com/z2G9LARILj
— Conor White, CMT, CIM (@ConorWhiteRJ) June 23, 2023
Over the AVWAP from ATH here finally on $BTC. pic.twitter.com/TLyHDqKF72
— Michael Nauss, CMT, CAIA 🇨🇦 (@MichaelNaussCMT) June 23, 2023
$SPY Congrats! You survived one of the worst performing weeks of the year for the S&P 500, historically speaking.
Seasonality suggest continued weakness into next week followed a strong start to July! 📈 pic.twitter.com/VrcXxtQojV
— TrendSpider (@TrendSpider) June 23, 2023