Daily Chart Report ? Monday, June 8th, 2020
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Today’s Summary
Monday, June 8th, 2020
Indices: US Stocks closed higher in today's session with the Dow Jones Industrial Average advancing 461 points or 1.70%. The S&P 500 rose 1.20% and is now positive year-to-date. The Nasdaq underperformed but still moved higher by 1.13%. Small-Caps outperformed, with the Russell 2000 gaining 1.97%.
Sectors: All 11 sectors closed higher. Energy led significantly for the second straight session, jumping 4.50%. Materials lagged but still inched higher by 0.13%.
Commodities: Crude Oil futures dropped 3.44% to $38.19 per barrel. Gold futures rose 1.31% to $1,705 per ounce.
Currencies: The US Dollar Index slipped 0.26%.
Interest Rates: The US 10-year Treasury yield fell to 0.875%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Doug Busch (@chartsmarter). It's a daily candlestick chart of Tesla ($TSLA) over the past six months. Tesla closed at an all-time high of $949.92 today. Doug points out that price has formed a bullish ascending triangle pattern, with horizontal resistance around ~$950. Price failed at this level twice in February, but as Doug points out, "triple tops" aren't very common. Using the height of the triangle and adding it to the breakout level gets you a measured move price target around $1,600. This could be the start of another leg higher for Tesla if price can break out, and hold above that key $950 level in the near-term.
Quote of the Day
"Luck is not a business model."
– Anthony Bourdain
Top Links
IPOs Surging - Bespoke
Bespoke takes a look at the impressive outperformance from newly listed companies.
The Market Marches On - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some noteworthy technical developments, including the recent rotation into Small-Caps and Value stocks.
New All-Time Highs - Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon, and Ivanhoff highlight the strongest stocks, trends, and themes across the market right now.
Nine Wins in Eleven Sessions - Crossing Wall Street
Eddy Elfenbein points out that the cyclical sectors, like Energy, Industrials, Materials, and Financials, have outperformed the S&P 500 over the past month.
Time for Palladium to Reaffirm Its Leadership? - All Star Charts
Tom Bruni of All Star Charts shares his thoughts on Palladium.