Daily Chart Report ? Thursday, June 2nd, 2022
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Today’s Summary
Thursday, June 2nd, 2022
Indices: Nasdaq 100 +2.75% | Russell 2000 +2.31% | S&P 500 +1.84% | Dow +1.33%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, gaining +3.06%. Energy was the only sector that closed lower, falling 0.32%.
Commodities: Crude Oil futures rose +1.40% to $116.87 per barrel. Gold futures gained +1.23% to $1,871 per ounce.
Currencies: The US Dollar Index dropped -0.78%.
Crypto: Bitcoin rose +2.13% to $30,423. Ethereum gained +1.06% to $1,837.
Interest Rates: The US 10-year Treasury yield inched higher to 2.913%.
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 Arun Chopra (@FusionptCaptial). It's 2008 all over again! or is it 1929? or 1987? We're talking about analog charts - those spooky charts, like this one, that compares crash years to the current market. Analog charts are thought-provoking, but for all practical purposes, they're useless. Risk management is always job #1, and Arun reminds us that opportunity cost is a big part of that job. In a comment to The Chart Report, Arun said "although crash fractals get a lot of attention, it's important to remember there's a long term opportunity cost to thinking every decline is just like the last crisis. This phenomena has been a part of markets for all generations, and although bear markets do real damage, the risk management process should start at an individual level, not TA overlays and regurgitated stories of previous wars."
Quote of the Day
“There are just four kinds of bets. There are good bets, bad bets, bets that you win, and bets that you lose."
- Larry Hite
Top Links
Defense is Still Outperforming Growth | 5 Charts - LPL Financial Research
In this video, Ryan Detrick and Scott Brown highlight five noteworthy charts to keep an eye on.
Sentiment Swings Back to Optimism - Bespoke
Bespoke breaks down the results of this week's AAII Sentiment Survey.
Breadth Thrusts Set the Table for the Bulls - Potomac Fund Management
Dan Russo looks at the recent improvement in market breadth.
Chart of the Day: 0% Tech - All Star Charts
JC Parets points out that the United Kingdom is attempting to break out.
Stock Market Analysis June 2 2022 - AlphaTrends
Brian Shannon examines this week's price action so far, and lays out some key levels to watch in the near term.
Top Tweets
AAII bears had their largest one-week decline since 2010 last week.
Without a positioning change, pessimism can be a mile wide but only skin-deep. pic.twitter.com/3pKp0QZFie
— Willie Delwiche, CMT, CFA (@WillieDelwiche) June 2, 2022
You’re all caught up now. Thanks for reading!