Daily Chart Report ? Wednesday, June 2nd, 2021
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Today’s Summary
Wednesday, June 2nd, 2021
Indices: US Stocks closed slightly higher in today's session. The Dow was flat, changing just 25 points or 0.07%. The S&P 500 and Nasdaq both inched higher by just 0.14%. The Russell 2000 ticked higher by 0.13%.
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining 1.86%. Materials lagged, falling 0.84%.
Commodities: Crude Oil futures continued higher by 1.64% to a new 52-wk high of $68.83 per barrel. Gold futures rose 0.26% to $1,910 per ounce.
Currencies: The US Dollar Index was flat (0.02%).
Interest Rates: The 10-year US Treasury yield fell to 1.588%.
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 in a note by Frank Cappelleri of Instinet (@FrankCappelleri). It's a weekly chart of the Oil & Gas Exploration & Production ETF, $XOP, over the past decade. The top stocks in this ETF include Range Resources ($RRC), Antero Resources ($AR), Southwestern Energy, Devon Energy ($DVN), and Hess Corp. ($HES). Crude oil is breaking out, and Energy stocks are reaping the benefits. $XOP closed a fresh 52-week high today, but more importantly, it's breaking out of a bullish pattern on the long-term chart. In the note, Frank explained "From a weekly perspective, XOP nudged through a key downtrend line, completing a sizable two-year bullish inverse Head & Shoulders pattern. Holding above that breakout point would target the $159 area. That’s a lofty objective, but not when it’s framed on a 10-year chart."
Quote of the Day
"Who owns the future?
This is the question at the heart of every stock market."
– John Landgraf
Top Links
June Swoon? - LPL Financial Research
The team at LPL Financial Research shares some insightful market commentary as we enter June.
A Breakout for Crude Oil is Bullish for the Energy Sector - Potomac Fund Management
Dan Russo takes a look at the breakout in Crude Oil and more.
Using COT Data to Track The Markets - Andrew Thrasher
Andrew Thrasher explains how to use the Commitment of Traders data to gauge sentiment and positioning within the futures market.
S&P 500 Returns Relative to History - Bespoke
Bespoke examines how the S&P 500's current performance compares to historical average performance.
Bitcoin Boom & Bust - Timmer: BTC to Bottom at 30k - CNBC
Here's a great clip from CNBC. Jurrien Timmer of Fidelity offers his technical perspective on Bitcoin and the overall stock market.
Top Tweets
With bitcoin now under pressure, my hunch is that silver and gold are regaining control of the reflation narrative. The chart of silver below suggests a target of $40 on a breakout above $30. (For gold, perhaps around $2200 at the current 5-year real yield of -1.8%.) /END pic.twitter.com/drDeOq11Zw
— Jurrien Timmer (@TimmerFidelity) June 2, 2021
You’re all caught up now. Thanks for reading!