Daily Chart Report ? Friday, June 24th, 2022
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Today’s Summary
Friday, June 24th, 2022
Indices: Nasdaq 100 +3.49% | Russell 2000 +3.16% | S&P 500 +3.06% | Dow +2.68%
Sectors: All 11 Sectors closed higher by more than 1%. Materials led, gaining +3.97%. Energy lagged again but still rose +1.32%.
Commodities: Crude Oil futures rose +3.21% to $107.62 per barrel. Gold futures were flat and continue to trade at $1,830 per ounce.
Currencies: The US Dollar Index fell -0.27%.
Crypto: Bitcoin moved higher by +0.58% to $21,215. Ethereum bounced +7.03% to $1,224.
Interest Rates: The US 10-year Treasury yield rose to 3.134%.
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 Shane Murphy (@murphycharts). It’s a daily candlestick chart of the Nasdaq 100 over the past nine months. The Nasdaq rebounded 7.45% this week, marking its third-best week in the past year. It closed above the May lows, which is a bullish development in the near term. However, the index is still down more than 26% from its highs, and there’s a lot of overhead supply to work through. The next objective will be to see if the Nasdaq can reclaim the March lows, around 13,000.
Quote of the Day
“Listening never gets you in trouble, but talking can.”
– Mike Tyson
Top Links
Laggards Lead, and Leaders Lag – The Chart Report
In this video, Steve Strazza, Ian Culley, and I discuss the rebound in Stocks and the weakness in Commodities.
History Repeating Itself – Bespoke
As we approach the end of Q2, Bespoke points out that we saw a similar relief rally at the end of Q1.
Oil Stocks Counter-Trend Rally Over Should Support Break, Says Joe Friday – Kimble Charting Solutions
Chris Kimble takes a look at the reversal in Oil Stocks.
No Appetite for Risk – Research by Potomac
Dan Russo highlights a few ratio charts that point to a lack of risk appetite.
A Double Whammy for Cyclical Assets – All Star Charts
Ian Culley shares his thoughts on the breakdown in Copper and signs of easing inflation.
Top Tweets
You’re all caught up now. Thanks for reading!