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Todayâs Summary
Wednesday, June 28, 2023
Indices: Russell 2000 +0.47% | Nasdaq +0.12% | S&P 500 -0.04% | Dow -0.22%
Sectors: 6 of the 11 sectors closed higher. Energy led, rising +1.01%. Utilities lagged, falling -1.48%.
Commodities: Crude Oil futures rose +2.75% to $69.56 per barrel. Gold futures ticked lower by just -0.08% to $1,922 per oz.
Currencies: The US Dollar Index rose +0.45% to $102.97.
Crypto: Bitcoin fell -1.85% to $30,129. Ethereum dropped -3.04% to $1,833.
Interest Rates: The US 10-year Treasury yield fell to 3.710%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Oh, the S&P 500 is still above the Aug'22 highs? I'm still bullish. pic.twitter.com/yApB97BAdz
— Caleb Franzen (@CalebFranzen) June 28, 2023
Todayâs Chart of the Day was shared by Caleb Franzen (@CalebFranzen). The S&P 500 was essentially flat today, changing just -0.04%. Itâs been stalling for almost two weeks now, but Caleb points out that price is continuing to hold above the August highs, around 4,300 (green lines). If the August highs give way in the near term, the next major support level is just ~2.3% lower, around 4,200 (blue lines). Weâre starting to see breakouts stick for once as former resistance levels turn into support. This is a noteworthy change in behavior for the S&P 500, as bulls were continuously trapped by failed breakouts throughout last yearâs bear market.
Quote of the Day
âTwitter has become a group conversation of the type that used to take place on trading floors.â
â Barry Ritholtz
Top Links
Back in the Saddle â Trading Adventures
Andy Moss reviews price action so far this week.
Do Not Get Bearish While Transportation Leads â StockCharts.com
Mish Schneider looks at the recent bid in Transportation stocks.
Is the Market on Life Support? â The Weekly Grind
Sam McCallum shares some key charts and areas of the market to watch in the near term.
What is the Russell Reconstitution? â LPL Financial Research
LPL Financial Research highlights some of the changes in the Russell indices after last Fridayâs annual reconstitution.
Avoid This Sector 4th of July Week â Schaefferâs Investment Research
Rocky White examines the stocks and sectors of the S&P 500 with the best/worst average performance during 4th of July week over the past decade.
Top Tweets
Daily Mkt Mood: Mixed/Risk-Off
1. Stocks mixed
2. Commodities down
3. Bonds higher
4. Dollar higher
5. Choppy action overallS&P chart looks heavy to me but some smart people say seasonality could propel a near-term melt up.
Earnings season cld be next big directional driver.
— Abigail Doolittle (@TheChartress) June 28, 2023
The Dow is starting to lose upside momentum as it once again runs into overhead resistance. pic.twitter.com/sIVr4avRwW
— John Rothe, CMT (@JohnRothe) June 28, 2023
Information Technology has dominated returns over the last 4.5 years. Since the end of 2018, every other sector has underperformed.
Not just underperformed Tech – the 10 other sectors have all lagged the S&P 500 pic.twitter.com/m5ts5mKwAh
— Austin Harrison, CFA, CMT (@meanstoatrend) June 28, 2023
SPY flirting with a top quintile 6-month % change. Can be followed by another decent 6-months historically. pic.twitter.com/hmZbnltpgZ
— Todd Sohn (@Todd_Sohn) June 28, 2023
Great chart from @scottcharts in his latest Beat The Bench report.
When SPX up >10% the first half (like now) continued strength is likely. pic.twitter.com/Tn7SJylD5Y
— Ryan Detrick, CMT (@RyanDetrick) June 28, 2023
Russell 2000 volatility $RVX 19.29 .. lowest since early 2020 pic.twitter.com/PbYGUqTDer
— Mike Zaccardi, CFA, CMT đ (@MikeZaccardi) June 28, 2023
New all-time highs for Home Construction $ITB pic.twitter.com/LypTFIX044
— Alfonso Depablos (@AlfCharts) June 28, 2023
#bitcoin struggling to break through this level, but high and tight pennant a positive sign (if it holds)$BTC pic.twitter.com/jhANn3ePpH
— David Rath, CMT, CFA (@DJwrath) June 28, 2023
$DBC Weekly. Teetering. pic.twitter.com/uwQeZnp5HD
— Brian G (@alphacharts) June 28, 2023
đ˝December #corn wanted to be 2012 last week but more like 2013 this week. Perhaps 2023 just wants an identity of its own.
Futures are still up 15 cents/bu this month with two trading days left, though they closed Wed 93 cents off last week's high. pic.twitter.com/xnlBaI9rzP
— Karen Braun (@kannbwx) June 28, 2023
Rough week for Sugar pic.twitter.com/FHiWKXDzzq
— Barchart (@Barchart) June 28, 2023