Daily Chart Report ? Monday, June 14th, 2021
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Today’s Summary
Monday, June 14th, 2021
Indices: US Stocks were a mixed bag to start the week. The Dow slipped 86 points or 0.25%. The S&P 500 and Nasdaq both closed at record highs, rising 0.18% and 0.74%, respectively. The Russell 2000 underperformed, falling 0.41%.
Sectors: 6 of the 11 sectors closed higher. Consumer Discretionary led, rising 1.01%. Materials lagged, falling 1.23%.
Commodities: Crude Oil futures were unchanged and continue to trade around $70.88 per barrel. Gold futures moved lower by 0.73% to $1,866 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The 10-year US Treasury yield rose to 1.496%.
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 Jurrien Timmer (@TimmerFidelity). On the bottom is a daily bar chart of Bitcoin over the past 10-months, and on top, is the Goldman Sachs Retail Favorites Index (meme stocks). Jurrien points out that Bitcoin has likely carved out an intermediate-term bottom. Interestingly, the meme stock index has been highly correlated with Bitcoin over the past year. Both peaked in mid-April, however, meme stocks have recovered to new highs. Could Bitcoin follow meme stocks higher? The next potential resistance level for Bitcoin is around $50k. How price behaves around that level will be very revealing. We're currently trading around $40k, and could test $50k at some point this week, so stay tuned! For more on this, check out the full thread from Jurrien here.
Quote of the Day
"Fortune favors the prepared mind."
– Louis Pasteur
Top Links
Breakout Imminent as On Major US Equity Indices, Staying Power a Question Mark - Hedgopia
Hedgopia takes a look at market internals as the major indices breakout to record highs.
Tech Progress - AlphaCharts
Brian at AlphaCharts highlights some attractive setups within the Tech sector.
European Equities - BREAKOUT - Topdown Charts
Mike Zaccardi explains why European equities are beginning to look relatively attractive.
When This Happens, Value Stocks Soar - SentimenTrader
Jason Goepfert examines what has historically happened when the S&P 500 hits a 3-year high at the same time the 10-year Treasury yield hits a 3-month low.
Paul Tudor Jones Says ‘Go All-In on The Inflation Trades’ If Fed Keeps Ignoring Higher Prices - CNBC
Legendary trader, Paul Tudor Jones shares his thoughts on commodities and inflation.
Top Tweets
You’re all caught up now. Thanks for reading!