Daily Chart Report ? Tuesday, June 9th, 2020
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Today’s Summary
Tuesday, June 9th, 2020
Indices: US Stocks closed lower in today’s session. The Dow Jones Industrial Average snapped its six-day winning streak, falling 300 points or 1.09%. The S&P 500 slipped 0.78%, while the Nasdaq rose 0.29%. The Russell 2000 underperformed, dropping 1.94%.
Sectors: Technology was the only sector to close higher, gaining 0.47%. Energy lagged, falling 3.76%.
Commodities: Crude Oil futures rose 0.52% to $38.39 per barrel. Gold futures moved higher by 0.86% to $1,720 per ounce.
Currencies: The US Dollar Index dropped 0.33%.
Interest Rates: The US 10-year Treasury yield fell to 0.825%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Chris Verrone of Strategas Research (@verrone_chris). Chris highlights another historical extreme; 61% of stocks in the S&P 500 are trading above their average analyst price target. He notes, “The bottom-up analysts tend to be late near market lows.” Readings over ~37% from this indicator are rare and have only occurred twice in the past two decades – 2003 & 2009. Both instances occurred a few months after a major secular low. If stocks continue to trade above expectations, it wouldn’t be surprising to see analysts ratchet up their price targets in an attempt to save face. A potential flurry of analyst upgrades could be yet another bullish tailwind for stocks over time.
Quote of the Day
“Only the game, can teach you the game.”
– Jesse Livermore (Trader)
Top Links
5 Signs This Might Be a New Bull Market – A Wealth of Common Sense
Ben Carlson highlights five signs that a new bull market is underway.
Small Options Traders are in a Frenzy – SentimenTrader
Jason Goepfert points out that small options traders are aggressively bullish right now.
Brian Shannon – The Psychology Behind Technical Analysis & Why ‘Only Price Pays’ – OPTO Trading
Here’s a good podcast with Brian Shannon, in which he explains how psychology drives price action in the markets.
Banks Peaking as They Kiss 7 Year Resistance? – Kimble Charting Solutions
Chris Kimble shows that the Bank Index ($KBE) is running into an area of potential resistance.
Ari Wald on Travel Stocks – CNBC
In this clip, Ari Wald of Oppenheimer shares his technical perspective on travel stocks.
Top 10 Tweets
You’re all caught up now. Thanks for reading!