Daily Chart Report ? Wednesday, June 9th, 2021
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Today’s Summary
Wednesday, June 9th, 2021
Indices: US Stocks closed lower in today’s session with the Dow falling 153 points or 0.44%. The S&P 500 inched lower by 0.18%, while the Nasdaq was flat (0.09%). The Russell 2000 underperformed, dropping 0.71%.
Sectors: 4 of the 11 sectors closed higher. Health Care led, gaining 0.97%. Industrials lagged, falling 1.02%.
Commodities: Crude Oil futures inched lower by 0.13% to $69.73 per barrel. Gold futures were flat and continue to trade around $1,896 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The 10-year US Treasury yield dropped to a three-month low of 1.494%.
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 Yuriy Matso (@yuriymatso). It’s a 15-minute candlestick chart of S&P 500 futures over the past week. The S&P 500 has been flirting with all-time highs but keeps getting rejected. Earlier, Callie Cox noted that today was the 10th straight day that the S&P closed within 1% of a record high (with no record high), marking the longest streak in nearly three years. That ~4230 level has been a brick wall of resistance over the past week. It looks like price is coiling up for a large move in either direction. Which direction will it break?… Only time will tell, but we’ll know very soon so keep an eye on how price behaves around this key level in the near term. If we’re above 4230, the risk is to the upside. If we’re below 4230, the risk is to the downside.
Quote of the Day
“Stocks in uptrends are innocent until proven guilty. Stocks in downtrends are guilty until proven innocent.”
– Brian Shannon
Top Links
Close But No Cigar – Bespoke
Bespoke points out that the S&P 500 has been unable to reach an all-time high despite several attempts over the past week.
A Closer Look at New Highs – LPL Financial Research
The team at LPL Financial Research shares a ton of insightful stats about all-time highs.
Two Must-See Charts About the S&P 500, 10-Year Treasury Yield - Bloomberg
Katie Stockton offers her technical perspective on the the S&P 500 and Interest Rates.
Small Caps Trade to New Highs, Is the S&P 500 Next? – Potomac Fund Management
Dan Russo points out that the S&P 600 Small-Cap Index hit an all-time high yesterday.
Is the Transportation Sector (IYT) Stifling a Major Market Breakout? – StockCharts.com
Mish Schneider explains that the recent weakness in Transportation stocks could be a problem for the broader market.
Top Tweets
You’re all caught up now. Thanks for reading!