Daily Chart Report ? Friday, June 18th, 2021
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Today’s Summary
Friday, June 18th, 2021
Indices: US Stocks ended the week on a sour note, with the Dow dropping 533 points or 1.58%. The S&P 500 and Nasdaq fell 1.31% and 0.92%, respectively. The Russell 2000 underperformed dropping 2.17%.
Sectors: All 11 sectors closed lower. Consumer Discretionary led, but still slipped 0.53%. Energy lagged dropping 2.96%.
Commodities: Crude Oil futures inched higher by just 0.14% to $71.14 per barrel. Gold futures fell 0.61% to a one-month low of $1,764 per ounce.
Currencies: The US Dollar Index continued higher by 0.46%.
Interest Rates: The 10-year US Treasury yield dropped to 1.441%.
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 Ryan Detrick (@RyanDetrick). It’s a daily candlestick chart of the S&P 500 over the past year, with several breadth metrics below. Things continue to look ugly beneath the surface of the market right now. Over the past month, the S&P 500 made a new high, and yet, fewer and fewer stocks participated in that strength. Price has begun to soften this week, but we’re still only 2% off of Monday's record highs. As Ryan notes, after a 90% rally since March 2020, it wouldn’t be surprising to see some sort of pullback or correction. Especially when you consider the S&P 500’s weak seasonal tendency around this time of year. On an optimistic note, the primary trend is still higher, and there is plenty of evidence that suggests that any short-term market weakness could prove to be a long-term buying opportunity.
Quote of the Day
“I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everybody.”
– James Carville
Top Links
Big Drops in the Percent of Stocks Above Their 50-DMAs - Bespoke
Bespoke takes a look at the deterioration in market breadth.
Where Do We (Investors) Stand - David Cox
In this quick video, David Cox highlights some noteworthy technical developments to be aware of.
US Dollar Breakout Could Cool Off Commodities Prices - Kimble Charting Solutions
Chris Kimble shares his thoughts on the recent reversal in the US Dollar.
Lumber Falls and Copper Follows - All Star Charts
Ian Cully examines this week's sharp decline in Lumber and Copper prices.
The Surprisingly Cyclical Nature of Gas Prices - SentimenTrader
While everyone is expecting prices at the pump to rise, Jay Kaepel points out that Unleaded Gasoline futures often peak around this time of year.
Top Tweets
You’re all caught up now. Thanks for reading!