Daily Chart Report ? Friday, June 17th, 2022
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Today’s Summary
Friday, June 17th, 2022
Indices: Nasdaq 100 +1.24% | Russell 2000 +0.96% | S&P 500 +0.22% | Dow -0.13%
Sectors: 5 of the 11 Sectors closed higher. Communications led, gaining +1.43%. Energy lagged, dropping -5.47%.
Commodities: Crude Oil futures dropped -8.16% to $107.99 per barrel. Gold futures fell -0.50% to $1,841 per ounce.
Currencies: The US Dollar Index rose +0.82%.
Crypto: Bitcoin inched higher by +0.54% to $20,493. Ethereum rose +1.92% to $1,087.
Interest Rates: The US 10-year Treasury yield rose to 3.231%.
**Reminder – The US Stock Market & Bond Market will both be closed on Monday, June 20th, 2022 in observance of Juneteenth**
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 Mark Ungewitter (@mark_ungewitter). The Energy Sector has been the only place to hide this year, however, this week was an entirely different story. It tumbled more than 17%, marking its worst week since March 2020. This week’s drop puts $XLE back below the former highs around $79. In other words, the market’s strongest sector is dealing with a failed breakout. As we know, failed breakouts often lead to sharp moves lower. It remains the only positive sector this year, up a whopping 35%, however, it’s already corrected about 20% over the past couple of weeks. Have the Bears found the Bull’s last and only hiding spot?
Quote of the Day
“Never trust a thought that occurs to you indoors.”
– Friedrich Nietzsche
Top Links
Nowhere to Hide – The Chart Report
In this week’s video, Steve Strazza, Ian Culley and I discuss the continued weakness across the markets.
Higher Rates Break Homebuilder Stocks – LPL Finacial Research
Scott Brown looks at the breakdown in Homebuilding stocks.
It’s Historically Likely Fintech Companies Have Reached a Bottom, Says Strategas’ Verrone – CNBC
Chris Verrone shares his outlook for stocks.
Three Types of Investors – The Irrelevant Investor
Michael Batnick weighs in on this week’s sell-off.
Stock Market Analysis June 17, 2022 – AlphaTrends
Brian Shannon recaps this week’s price action and lays out some key levels to watch in the near term.
Top Tweets
You’re all caught up now. Thanks for reading!