Daily Chart Report ? Wednesday, June 1st, 2022
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Today’s Summary
Wednesday, June 1st, 2022
Indices: Russell 2000 -0.49% | Dow -0.54% | Nasdaq 100 -0.74% | S&P 500 -0.75%
Sectors: Energy was the only sector that closed higher, gaining +1.63%. Financials lagged, falling -1.61%.
Commodities: Crude Oil futures inched higher by just +0.10% to $114.79 per barrel. Gold futures ticked higher by just +0.06% to $1,850 per ounce.
Currencies: The US Dollar Index rose +0.75%.
Crypto: Bitcoin dropped -6.89% to $29,572. Ethereum tumbled -7.49% to $1,795.
Interest Rates: The US 10-year Treasury yield rose to 2.911%.
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 Andrew Thrasher (@AndrewThrasher). The S&P 500 rebounded about 6% on a closing basis, however, it’s struggling to reclaim its March lows near 4170. As we know, former support tends to act as resistance, and that’s exactly what we’re seeing this week. As Andrew points out, this tells us the bears have likely regained control. It’s hard to embrace this rally as long as the S&P 500 is trapped below its March lows.
Quote of the Day
“You look at every bear market and they’ve always basically occurred because of an uptick in inflation and an uptick in interest rates.”
– Paul Tudor Jones
Top Links
Bullish Momentum Divergences vs. a Bear Market – Means to a Trend
Austin Harrison looks at several bullish momentum divergences that have formed and whether or not they matter within a downtrend.
June Worst Month of Midterm Years – Almanac Trader
Seasonality expert, Jeff Hirsch examines how stocks have historically performed in June.
Bond Bears Beware – Topdown Charts
Mike Zaccardi lays out the bull case for Bonds.
Six-Month Winning Streak for Oil – Bespoke
Bespoke points out that Crude Oil just logged its second-longest monthly winning streak in the past 40-years.
Relative Strength Index (RSI): What Exactly is Overbought and Oversold? – Potomac Fund Management
Drew Wells looks at the RSI indicator and how to interpret it in various market conditions.
Top Tweets
You’re all caught up now. Thanks for reading!