Daily Chart Report ? Wednesday, June 3rd, 2020
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Today’s Summary
Wednesday, June 3rd, 2020
Indices: US Stocks closed higher with the Dow Jones Industrial Average advancing 527 points or 2.05%. The S&P 500 rose for the fourth straight day, gaining 1.36%. The Nasdaq moved higher by 0.78% to close just a hair below an all-time high. Small-Caps outperformed with the Russell 2000 rising 2.39%.
Sectors: 10 out of the 11 sectors closed higher. Industrials led, gaining 3.90%. Health Care lagged, slipping 0.19%.
Commodities: The July Crude Oil futures contract rose 1.30% to $37.29 per barrel. Gold futures dropped 1.68% to $1,705 per ounce.
Currencies: The US Dollar Index closed lower for the seventh day in a row, falling 0.38%.
Interest Rates: The US 10-year Treasury yield jumped to 0.747%.
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 Ryan Detrick of LPL Financial Research (@RyanDetrick). Today marked the 50th day since the March 23rd low. The S&P 500 has surged 37.70% since then (39.57%, including today). Ryan points out that this has been the best 50-day rally in the history of the S&P 500. The table shows the seven other largest 50-day gains, along with the 1, 3, 6, and 12-month forward returns. Ryan notes that the S&P 500 was higher 6-12 months later every single time. The short-term and long-term returns are positive across all four-time frames, with a median gain of 1.1% one month later, and a median gain of 19.4% one year later. It’s easy to think stocks have come too far too fast with the S&P 500 up nearly 40% in less than three months. However, history shows us that sharp 50-day rallies have lead to further gains.
Quote of the Day
– Colin Powell (Former US Secretary of State)
Top Links
Small Caps Testing Tripple Breakout Price Point – Kimble Charting Solutions
Chris Kimble points out that the Russell 2000 is currently testing a key level.
Weak US Dollar May Lead Copper, Yields, and EEM Higher – SunSoft Analytics
Bhagyashree Urdhwareshe takes a look at the areas of the market that will likely benefit from a weaker US Dollar.
Dollar Weakness as S&P Climbs Wall of Worry – The Final Bar
In this episode of the Final Bar, Peter Brandt joins David Keller to discuss some noteworthy technical developments, including the weakness in the US Dollar.
Yen/Bonds/Gold Show Their Hands – All Star Charts
Tom Bruni examines what safe-haven assets are telling us about risk appetite right now.
Echos of 2004 Emerge Follow Crash of 2020 – Andrew Thrasher
Andrew Thrasher draws some comparisons between the current market environment and 2004 in regards to market sentiment.
Top 10 Tweets
Today is Day 50 from the March 23 low, and $SPX is up 39%, the largest 50-d gain in more than 40 years. Here all 50-d gains of +20% since 1980 and what happened in the following weeks/months pic.twitter.com/JKBEQnLBo0
— ukarlewitz (@ukarlewitz) June 3, 2020