Daily Chart Report ? Wednesday, June 10th, 2020
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Today’s Summary
Wednesday, June 10th, 2020
Indices: US Stocks were mostly lower in today's session with the Dow Jones Industrial Average falling 282 points or 1.04%. The S&P 500 slipped 0.53%, while the Nasdaq managed to rise 0.67% and close above 10,000 for the first time ever. Small-Caps underperformed by a decent margin, with the Russell 2000 dropping 2.63%.
Sectors: For the second day in a row, Technology was the only sector to close higher, gaining 1.67%. Energy lagged, falling 4.92%.
Commodities: Crude Oil futures rose 0.31% to $39.06 per barrel. Gold futures continued higher by 1.51% to $1,748 per ounce.
Currencies: The US Dollar Index dropped 0.33%.
Interest Rates: The US 10-year Treasury yield fell to 0.731%.
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 Macro Charts (@MacroCharts). It's a chart of the Nasdaq since the 2009 low, along with the Daily Sentiment Indicator in blue. Bulls celebrated a major milestone today, as the Nasdaq closed above 10,000 for the first time ever. The Index has surged over 45% from the March low, just 11 weeks ago. Breadth and momentum have been healthy and suggest that we're in the early innings of a new bull market. At the same time, short-term sentiment indicators have been flashing warning signs of excessive optimism among market participants. Macro Charts points out that the Daily Sentiment Index has reached an extreme high of 94. Short-term pullbacks have followed all eight spikes above 93 in the past 11 years. This doesn't mean stocks will come crashing down as they did in February. But it does increase the likelihood of a pullback in the near-term.
Quote of the Day
The four most dangerous words in investing are: it's different this time."
– Sir John Templeton (Investor)
Top Links
Nasdaq 10,000 - Here We Are ...And The Uniquely Risky Future - Howard Lindzon
Howard Lindzon shares his thoughts on the Nasdaq now that it has reached the 10,000 milestone that he's been pounding the table on for years.
Put/Call Ratio Extreme Lows as Market Sputters - The Final Bar
In this episode of the Final Bar, David Keller and Dana Lyons discuss the extremely low reading
in the Put/Call Ratio.
Price Levels Going Into the Second Half - Jotting on Charts
Grant Hawkridge offers his notes on dozens of charts and concludes that the weight of the evidence favors the bulls.
All of the 'Big Four' Indexes Have Come at Least 75% Back - SentimenTrader
Jason Goepfert examines what has historically happened after all four of the major indices recover at least 75% of their losses.
Why I am Watching the Dollar Closely - Chaikin Analytics
In this quick video, Dan Russo explains why he's keeping an eye on the US Dollar.