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Today’s Summary
Thursday, June 24th, 2021
Indices: US Stocks closed higher in today’s session, with the Dow advancing 323 points or 0.95%. The S&P 500 and Nasdaq both closed at record highs, rising 0.58% and 0.69% respectively. The Russell 2000 outperformed, gaining 1.31%.
Sectors: 9 of the 11 sectors closed higher. Financials led, rising 1.25%. Real Estate lagged, falling 0.47%.
Commodities: Crude Oil futures rose 0.30% to $73.30 per barrel. Gold futures fell 0.38% to $1,777 per ounce.
Currencies: The US Dollar Index was flat (0.03%).
Interest Rates: The 10-year US Treasury yield ticked higher to 1.495%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
I see you. $AMZN pic.twitter.com/39Xb952mat
— J4 (@J4_doji) June 24, 2021
Today’s Chart of the Day was shared by @J4_doji. It’s a chart of Amazon over the past two years ($AMZN). Amazon is currently at a make-or-break level, around $3,500. The stock peaked last September and has been rangebound ever since. Keep in mind this is the third-largest stock in the S&P 500 and the largest stock in the Consumer Discretionary sector. $3,500 has been a brick wall of resistance. Price has tested and failed at that level three times. Will the fourth time be the charm? If so, it has built a solid 10-month base to launch from.
Quote of the Day
“The biggest risk is not taking any risk.”
– Mark Zuckerberg
Top Links
Breadth Metrics are Not Confirming Price Strength – Potomac Fund Management
Dan Russo analyzes market breadth.
June Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five key points about the current market environment.
Looking Past The Indices Into Market Breadth – TD Ameritrade Network
In this clip, Willie Delwiche offers his perspective on market breadth.
Warning: The Dollar’s ‘Pain Trade’ is Higher – SentimenTrader
Jason Goepfert points out that hedge funds are extremely underexposed to the US Dollar.
Breakout For Emerging Markets ETF (EEM) Would Attract Buyers – Kimble Charting Solutions
Chris Kimble breaks down a monthly chart of the Emerging Markets ETF, $EEM.
Top Tweet
Chart of the day from Bloomberg.
Lowest % of S&P 500 members above the 50 day when index hits new highs since 1999. Only 46% above 50 day today. Hmm… pic.twitter.com/izpnVIDV95— Jay Woods (@JayWoods3) June 24, 2021
Maybe markets are just playing a whole new game.
Maybe stuff like this doesn't work anymore since so many are now following it.
But this is one of the few times in 20 years that the Nasdaq has scored a high with so few stocks in uptrends. pic.twitter.com/Q9gUCZSqE1
— SentimenTrader (@sentimentrader) June 24, 2021
163 days and counting with > 75% of S&P 500 stocks trading above 200d moving averages … most since 2013 pic.twitter.com/8y0TOMqOX7
— Liz Ann Sonders (@LizAnnSonders) June 24, 2021
$VIX does anyone care about this candle? pic.twitter.com/7NzvxIsor7
— Bailey.Baxter2020 (@BBaxter2020) June 24, 2021
VIX is near it's lowest since Feb 2020… meanwhile SKEW is hanging around a record high. pic.twitter.com/8llHlEMuJQ
— Dani Burger (@daniburgz) June 24, 2021
$IWO breaking out of this range here. Growth stocks are acting much better here as this chart is building the right side of it's base. pic.twitter.com/VRCE5ItTrZ
— Leif Soreide (@LeifSoreide) June 24, 2021
After falling 36% on a closing basis from 2/12-5/13, the ARK Innovation ETF $ARKK has rallied back 26% since then. New bull market… pic.twitter.com/2D3WdZ3W6R
— Bespoke (@bespokeinvest) June 24, 2021
The value vs growth debate has gained a lot of attention. The reality is "cyclicality", not value, has worked for 15m. Many cyclical names have a value component, but when looked at sector neutral, the value argument bows at the feet of cyclicality. #knowthedata pic.twitter.com/58wCBaiGMi
— RenMac: Renaissance Macro Research (@RenMacLLC) June 24, 2021
Emerging Markets, long-term perspective pic.twitter.com/mzv5Yg5sYR
— Mark Ungewitter (@mark_ungewitter) June 24, 2021
$DXY pic.twitter.com/IRYILaqSk7
— Michael Turvey (@MikeTurvey_TDA) June 24, 2021
You’re all caught up now. Thanks for reading!