Daily Chart Report ? Wednesday, June 24th, 2020
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Today’s Summary
Wednesday, June 24th, 2020
Indices: US Stocks closed lower with the Dow Jones Industrial Average finishing the day down 710 points or 2.72%. The S&P 500 dropped 2.59%. The Nasdaq snapped its eight-day winning streak, falling 2.19%. Small-Caps underperformed with the Russell 2000 sliding 3.45%.
Sectors: All 11 sectors closed lower. Utilities led, but still fell 0.91%. Energy lagged, tumbling 5.55%.
Commodities: Crude Oil futures dropped 5.85% to $38.01 per barrel. Gold futures briefly hit a seven-year high but closed lower by 0.39% to $1,775 per ounce.
Currencies: The US Dollar Index rose 0.55%.
Interest Rates: The US 10-year Treasury yield fell to 0.683%.
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 Carter Worth of Cornerstone Macro (@CarterBWorth). It’s a chart of Gold over the past decade. The yellow metal has outperformed stocks in recent years, and today hit its highest level since 2012. Price has formed a massive base in that time and is now testing the 2011 all-time highs, around $1,800-$1,900 per oz. Carter describes the price action in Gold as ‘truculent’ – meaning aggressively self-assertive (don’t worry we had to google it too). Now, let’s not get ahead of ourselves, this is still a crucial test for Gold. Price still needs to break above those 2011 highs in the next few months. But if it does, there’s virtually no immediate resistance to stop it from moving significantly higher over the next few years.
Quote of the Day
“When you talk, you are only repeating what you already know. But if you listen, you may learn something new.”
– Dalai Lama
Top Links
Eight Was Enough – Bespoke
The Nasdaq broke an eight-day winning streak today. In this brief note, Bespoke takes a look at how the index has historically performed in the months following a winning streak of 8-days or more.
Gold’s Trading Patterns Foreshadow Record Highs in the 2nd Half of 2020, Bank of America Says – Business Insider
This article highlights Bank of America’s technical outlook on Gold.
Andrew Thrasher Discusses Equities, Volatility and a Few Macro Implications – TD Ameritrade Network
Volatility expert, Andrew Thrasher shares his thoughts on the current market environment.
Gauging Market Sentiment with the CBOE Equity Options Put/Call Ratio – Chaikin Analytics
In this video, Dan Russo of Chaikin Analytics explains why he’s closely watching the Put/Call ratio right now.
Precious Metals – Why Less is More – All Star Charts
Tom Bruni of All Star Charts offers his take on Gold, Silver, and Platinum.
Top 10 Tweets
You’re all caught up now. Thanks for reading!