Daily Chart Report ? Monday, June 22nd, 2020
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Today’s Summar
Monday, June 22nd, 2020
Indices: US Stocks kicked off the week on a positive note with the Dow Jones Industrial Average advancing 154 points or 0.59%. The S&P 500 rose 0.65%, while the Nasdaq gained 1.11% – extending its recent winning streak to seven consecutive days. The Russell 2000 closed higher by 1.05%.
Sectors: Technology led, gaining 1.88%. Financials lagged, falling 0.50%.
Commodities: Crude Oil futures closed above $40 for the first time since March, rising 1.88% to $40.58 per barrel. Gold futures gained 0.76% to $1,766 per ounce.
Currencies: The US Dollar Index dropped 0.66%.
Interest Rates: The US 10-year Treasury yield moved higher to 0.715%.
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 David Ingles of Bloomberg (@DavidInglesTV). David points out that non-commercial speculators are the most net-short they’ve been in nine years. While this may seem bearish at first sight, to us, it suggests that the pain trade remains higher for the S&P 500. This could end up being a nice tailwind for the bulls if the bears begin to unwind this crowded trade. Interestingly, futures traders are aggressively short, while options traders seem to have abandoned fear, as evidenced by the low put/call ratio (not shown). As always, this is just one data point to consider within the context of other evidence.
Quote of the Day
“The market will do whatever it has to do to embarrass the greatest number of people to the greatest extent possible.”
– Walter Deemer (Technical Analyst)
Top Links
Investors Should Drop ‘Sell in May’ Strategy as Summer Stock-Market Rally Could Be in The Cards, Bank of America Says – Business Insider
This article summarizes Bank of America’s technical outlook on the S&P 500, including a unique perspective on seasonality.
Stock Market Analysis – Week Ahead 22nd June 2020 – Honeystocks
In this video, Sam McCallum reviews dozens of charts to make sense of the current market environment.
Dot Point Weekly – Jotting on Charts
Grant Hawkridge shares his notes on several of the major indices and sectors.
Metals Coming in Right in Medal Order – Bespoke
Bespoke breaks down the charts of Gold, Silver, and Copper.
Gold, Chinese Internet and Biotech Look Good – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon, and Ivanhoff highlight some noteworthy stocks and trends in the market.
Top 10 Tweets
You’re all caught up now. Thanks for reading!