Daily Chart Report ? Monday, June 1st, 2020
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Today’s Summary
Monday, June 1st, 2020
Indices: US Stocks kicked off the week on a positive note with the Dow Jones Industrial Average advancing 92 points or 0.31%. The S&P 500 and Nasdaq moved higher by 0.38% and 0.66%, respectively. Small-Caps outperformed with the Russell 2000 gaining 0.81%.
Sectors: Real Estate led, gaining 1.99%. Health Care lagged, falling 0.99%.
Commodities: The July Crude Oil futures contract inched lower by just 0.14% to $35.44 per barrel. Gold futures were flat and continue to trade at $1,750 per ounce.
Currencies: The US Dollar Index fell 0.47%.
Interest Rates: The US 10-year Treasury yield rose to 0.664%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Chris Kimble (@KimbleCharting). It’s a weekly bar chart of the Junior Gold Miner ETF, $GDXJ, since 2012. Over the past couple of months, we’ve witnessed clean breakouts from the Gold Miners ETF, $GDX, and the Silver Miners ETF, $SIL. Chris points out that the Junior Gold Miners are attempting to make a fashionably late appearance to the party. Similar to how $GDX and $SIL looked before they broke out, $GDXJ has formed a seven-year base, with a well-defined resistance level around $51. If $GDXJ can finally break out of this massive base, it would demonstrate risk-appetite, and provide further evidence that Precious Metals are in a sustainable bull market.
Quote of the Day
“What makes a bull market live is rotation.”
–Ralph Acampora (Technical Analyst)
Top Links
Weekly S&P 500 #ChartStorm – 1 June 2020 – TopDown Charts
Callum Thomas highlights ten charts and themes that are worth paying attention to right now.
May Monthly Charts: What We Learned – All Star Charts
JC Parets shares some of the biggest takeaways from his monthly candlestick chart review.
Who Woulda Thought? – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss several noteworthy technical developments, including breadth and sector rotation.
Three Sectors on Watch – SunSoft Analytics
Bhagyashree Urdhwareshe takes a look at the three defensive sectors of the S&P 500 – Consumer Staples ($XLP), Utilities ($XLU), and Real Estate ($XLRE).
The History and Wisdom of 50 Years – Behind the Charts
Here’s a great conversation between David Keller and the Godfather of Technical Analysis, Ralph Acampora.
Top 10 Tweets
You’re all caught up now. Thanks for reading!