Daily Chart Report ? Tuesday, June 14th, 2022
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Today’s Summary
Tuesday, June 14th, 2022
Indices: Nasdaq 100 +0.21% | S&P 500 -0.38% | Russell 2000 -0.39% | Dow -0.50%
Sectors: 2 of the 11 sectors closed higher. Technology led, gaining +0.63%. Utilities lagged, falling -2.53%.
Commodities: Crude Oil futures fell -1.65% to $118.93 per barrel. Gold futures dropped -1.00% to $1,814 per ounce.
Currencies: The US Dollar Index rose +0.26% to its highest level since 2002.
Crypto: Bitcoin dropped -3.87% to $21,582. Ethereum fell -2.74% to $1,175.
Interest Rates: The US 10-year Treasury yield rose to 3.475% - its highest level since 2011.
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 JC Parets (@allstarcharts). The chart shows the US 10-year yield (top), and the US Dollar Index (bottom). We highlighted this chart about a month ago, noting that both we're testing multi-year resistance levels. After an initial pause, both are resolving higher. The 10-year yield just broke out to its highest level in over a decade (2011), while the Dollar Index is breaking out to its highest level in two decades (2002). As JC points out, Stocks generally don't like when these two are moving higher, especially at the same time. They've been moving higher all year, but now they're breaking out of multi-year bases. Are these two wrecking balls just getting started?
Quote of the Day
"The thing I find most interesting about investing is how paradoxical it is: how often the things that seem most obvious – on which everyone agrees – turn out not to be true."
- Howard Marks
Top Links
Fed Announcement Day Mildly Bullish Since 2008 - Almanac Trader
With the Fed expected to raise rates tomorrow, Jeff Hirsch examines how the S&P 500 has historically performed around Fed rate hikes.
Violent Selling Leaves No Sector Immune - Potomac Fund Management
Dan Russo analyzes each of the 11 sectors of the S&P 500.
Dollar Up, Stocks Down - All Star Charts
The team at All Star Charts takes a look at the Dollar's strength.
Trend Following - The Reformed Broker
Josh Brown discusses trend following for long-term investors.
Top Tweets
You’re all caught up now. Thanks for reading!