Daily Chart Report ? Thursday, June 11th, 2020
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Today’s Summary
Thursday, June 11th, 2020
Indices: US Stocks had their worst day since the rally began in mid-March. The Dow Jones Industrial Average tumbled 1,862 points or 6.90%. The S&P 500 and Nasdaq fell 5.89% and 5.27%, respectively. Small-Caps underperformed, with the Russell 2000 dropping 7.58%.
Sectors: All 11 sectors closed lower by over 3%. Consumer Staples led, falling 3.79%. Energy lagged for the third straight session, plummeting 9.24%.
Commodities: Crude Oil futures fell 8.66% to $36.17 per barrel. Gold futures rose 1.11% to $1,740 per ounce.
Currencies: The US Dollar Index moved higher by 0.76%.
Interest Rates: The US 10-year Treasury yield fell to 0.667%.
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 by Jonathan Krinsky of Baycrest Partners (@jkrinskypga). It’s a daily candlestick chart of the Nasdaq Composite Index. Bulls woke up with a nasty hangover this morning after celebrating the Nasdaq’s first close above 10,000 yesterday. The index gapped lower by 2.29% at the open this morning, and continued to sell-off throughout the day, to close down 5.27% – the worst day in over two months. John notes, “If you’re a bull here, you want to see the February highs of 9,850 hold. Below that, and we have a potential major false breakout.” False breakouts are also referred to as bull traps because the bulls that got long as price broke out to new highs are trapped, and underwater so long as price stays below those old highs. You know what they say…“Out of failed moves come fast moves in the opposite direction.”
Quote of the Day
– Mark Cuban
Top Links
How Often Do Stocks Fall? – The Irrelevant Investor
Michael Batnick shares some stats about all-time highs and drawdowns.
The S&P 500 Can Surge More Than 20% to Record Highs if it Holds This Key Support Level, BofA Says – Business Insider
This article highlights Bank of America’s technical outlook on the S&P 500.
Top 10 Charts of the Week – All Star Charts
Steve Strazza of All Star Charts lays out 10 of the most important charts he’s watching at the moment.
Bonds Rally as the FANGMAN Trade Persists – The Final Bar
In this episode of the Final Bar, two market veterans, David Keller and Mark Ungewitter discuss the recent breadth thrusts.
Some Things About The Markets That Will Never Change – A Wealth of Common Sense
Ben Carlson weighs-in on the recent surge in amateur trading activity. He also emphasizes the idea that this game is about making money, not being right all the time.
Top 15 Tweets
Update #2 – $LQD retests Feb’s ATHs. $SPY $SPX rallied comfortably after the LQD bounce off 200day MA. Now looking like a double top with a negative divergence in RSI. Will be watching $130 on LQD to see if SPX will take out 2950 pic.twitter.com/6kRfx3i6Ps
— Michael Sroga, CMT (@M_Sroga) June 11, 2020
Copper pausing for thought… pic.twitter.com/KCDzQQnmZt
— Callum Thomas (@Callum_Thomas) June 11, 2020