Daily Chart Report ? Friday, June 4th, 2021

Today’s Summary
Friday, June 4th, 2021

Indices: US Stocks ended the week on a positive note with the Dow advancing 179 points or 0.52%. The S&P 500 and Nasdaq gained 0.88% and 1.47%, respectively. The Russell 2000 underperformed but still rose 0.31%.

Sectors: 10 of the 11 sectors closed higher. Technology led, gaining 1.92%. Utilities was the only sector to close lower, slipping just 0.15%.

Commodities: Crude Oil futures continued higher by 1.18% to a new high of $69.62 per barrel. Gold futures moved higher by 1.00% to $1,892 per ounce.

Currencies: The US Dollar Index fell 0.39%.

Interest Rates: The 10-year US Treasury yield dropped to 1.553%.

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 Alan Cohen (@al_xdpg). It’s a daily candlestick chart of the Biotech ETF, $IBB, over the past 10-months. The top stocks in this ETF include Amgen ($AMGN), Gilead ($GILD), Moderna ($MRNA), Illumina ($ILMN), and Vertex Pharmaceuticals ($VRTX). Biotech has been pretty disappointing since February. However, Alan points out that the technicals have improved, and $IBB looks poised for a new leg higher. For starters, it found support exactly where it needed to, at former resistance around $144. Secondly, it broke out of a 4-month downtrend line this week. Lastly, over the past 20-years, $IBB has enjoyed a bullish seasonal tailwind in the Summer months between May-September. Keep in mind, $IBB is still in the midst of a secular breakout that began around this time last year, so the weakness we’ve seen since February could just be a corrective phase within a longer-term uptrend.

Quote of the Day

“There are as many atoms in a single molecule of your DNA as there are stars in the typical galaxy. We are, each of us, a little universe.”

– Neil deGrasse Tyson