Daily Chart Report ? Friday, June 5th, 2020
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Today’s Summary
Friday, June 5th, 2020
Indices: US Stocks ended the week on a positive note. The Dow Jones Industrial Average jumped 829 points or 3.15%. The S&P 500 rose 2.62%. The Nasdaq gained 2.06%, and closed at an all-time high for the first time since February. The Russell 2000 outperformed, closing up 3.79%.
Sectors: All 11 sectors closed higher by at least 1%. Energy led significantly, surging 7.43%. Utilities lagged but still moved higher by 1.27%.
Commodities: The July Crude Oil futures jumped 5.72% to $39.55 per barrel. Gold futures dropped 2.25% to $1,689 per ounce.
Currencies: The US Dollar Index snapped its eight-day losing streak, rising 0.20%.
Interest Rates: The US 10-year Treasury yield moved higher to 0.902% – its highest level since March.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Larry Tentarelli (@LMT978). It’s a daily bar chart of the Semiconductor ETF ($SMH) over the past 14 months. The Nasdaq closed at an all-time high today for the first time since February. Perhaps more importantly, Semiconductors printed an all-time high as well. Semiconductors are the chips that go in virtually every electronic device. Because of their widespread use, technicians often look to Semi’s as a leading indicator. Some even argue Semi’s have become a better economic bellwether than Transportation stocks over the decades. Seeing this key industry group leading the charge, and breaking out to new all-time highs is yet another box that the bulls can now check off their checklist. Remember, you can’t have a party without chips!
Quote of the Day
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”
– William Arthur Ward (Writer)
Top Links
What Happened in the Markets This Week? – NYSE
In this video, Market Maker, Jay Woods gives a quick recap of this week’s price action in stocks.
Speculation Mode: On – Macro Charts
Here’s an in-depth analysis of the current market environment from Macro Charts.
The Equity Put/Call Ratio Hit a Six-Year Low: Should We Be Concerned? – The Street
Helene Meisler takes a look at what has happened the past six times that the Put/Call ratio has been lower than 40%.
Yesterday’s Losers Are Today’s Winners – All Star Charts
Steve Strzza points out that the industry groups that were hit hardest during the crash have been outperforming in recent weeks.
Where Do We (Investors) Stand – David Cox
In this quick video, Portfolio Manager, David Cox highlights some noteworthy technical developments going on across the markets.
Top 10 Tweets
You’re all caught up now. Thanks for reading!