Daily Chart Report ? Tuesday, June 29th, 2021
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Today’s Summary
Tuesday, June 29th, 2021
Indices: US Stocks were little changed in today’s session. The Dow was flat, ticking up just 9 points or 0.03%. The S&P 500 and Nasdaq were also pretty flat, changing just 0.03% and 0.19%, respectively. The Russell 2000 underperformed, falling 0.58%.
Sectors: 3 of the 11 sectors closed higher. Technology led, rising 0.73%. Utilities lagged, falling 1.62%.
Commodities: Crude Oil futures ticked higher by just 0.10% to $72.98 per barrel. Gold futures dropped 0.96% to $1,764 per ounce.
Currencies: The US Dollar Index rose 0.21%.
Interest Rates: The 10-year US Treasury yield moved lower to 1.471%.
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 Grant Hawkridge (@granthawkridge). It’s a chart of the Utilities sector vs. the S&P 500 (top), and the Consumer Staples sector vs. the S&P 500 (bottom). There continue to be some mixed signals in the market, but this one is for the bulls. Grant points out that Utilities and Staples are hitting new lows on a relative basis. These are arguably the two most defensive sectors of the S&P 500. If they were outperforming, it would be bearish evidence of a flight to safety. But they’re not. Quite the opposite actually. For now, these relative trends continue to suggest that it’s time to play offense rather than defense.
Quote of the Day
“When the market doesn’t do something it ‘should’ do, it usually means that the underlying trend is unusually powerful.”
– Walter Deemer
Top Links
These SOX Aren’t Quitters – Bespoke
Bespoke takes a look at the breakout in Semiconductor stocks.
Take Your Foot Off the Accelerator in the Next Month, Says Renaissance Macro’s deGraaf – CNBC
In this clip, Jeff deGraaf of Rennaissance Macro Research explains his cautious market outlook.
Commodities Price Index Overheating At Important Resistance! – See it Market
Chris Kimble points out that the CRB Commodities Index is running into a key long-term resistance level.
First Trading Day in July — S&P 500 Has Advanced 85.7% of the Time – Almanac Trader
Seasonality expert, Jeff Hirsch points out that the first trading day in July has a bullish track record.
2021 European Summit – CMT Association
The CMT Association is hosting a virtual European summit this weekend. They’ve got a stellar lineup of esteemed technical analysts, so be sure to register for the event!
Top Tweets
You’re all caught up now. Thanks for reading!