Daily Chart Report ? Tuesday, June 22nd, 2021
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Today’s Summary
Tuesday, June 22nd, 2021
Indices: US Stocks continued higher in today's session with the Dow inching up 69 points or 0.20%. The S&P 500 and Nasdaq gained 0.51% and 0.79%, respectively. The Russell 2000 rose 0.43%.
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining 0.94%. Utilities lagged, falling 0.61%.
Commodities: Crude Oil futures slipped 0.37% to $72.85 per barrel. Gold futures fell 0.31% to $1,777 per ounce.
Currencies: The US Dollar Index inched lower by 0.15%.
Interest Rates: The 10-year US Treasury yield fell to 1.467%.
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 Michael Antonelli (@BullandBaird). It’s a daily bar chart of the S&P 500 over the past couple of months. Michael points out that in just two days the S&P 500 has recovered nearly all of last week’s 2% loss. As of today’s close, we’re just 0.20% below an all-time closing high. On Friday, we highlighted the deterioration in breadth, and we’re continuing to see weak breadth despite the fact that the S&P 500 is testing record highs. The percentage of S&P 500 stocks above their 50-day moving average actually ticked lower today to 45.5%. You could view this deterioration in breadth as a bearish divergence, or a healthy reset. Either way, all-time closing highs for the S&P 500 appear imminent despite some continued signs of caution.
Quote of the Day
“When the facts change, I change my mind. What do you do sir?
– John Maynard Keynes
Top Links
Will the Cyclicals Hold Where They Must? - Potomac Fund Management
Dan Russo highlights some key sector-level trends to be aware of.
CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned - Hedgopia
Hedgopia examines positioning in the futures markets.
Bitcoin Hangs on to 30k - Bespoke
Bespoke points out that Bitcoin has successfully tested $30k four times over the past month.
Bitcoin Long Above 30,000 - All Star Charts
JC Parets takes a look at some key levels in Bitcoin after yesterday's sharp decline.
It's All About Rotation, Rotation, Rotation - The Final Bar
In this episode of the Final Bar, David Keller and Julius de Kempenaer discuss sector rotation and why the S&P 500 might have limited upside in the near term.
Top Tweets
You’re all caught up now. Thanks for reading!