Daily Chart Report ? Monday, June 27th, 2022
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Today’s Summary
Monday, June 27th, 2022
Indices: Russell 2000 +0.34% | Dow -0.20% | S&P 500 -0.30% | Nasdaq 100 -0.81%
Sectors: 3 of the 11 sectors closed higher. Energy led by a wide margin, gaining +2.93%. Consumer Discretionary lagged, falling -1.05%.
Commodities: Crude Oil futures rose +1.81% to $109.57 per barrel. Gold futures fell -0.30% to $1,825 per ounce.
Currencies: The US Dollar Index slipped -0.17%.
Crypto: Bitcoin fell -0.89% to $20,840. Ethereum rose +0.71% to $1,206.
Interest Rates: The US 10-year Treasury yield rose to 3.204%.
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 in a note by John Roque of 22V Research (@daChartLife). The S&P 500 has rebounded about 6% over the past six trading days, however, John points out that this should be treated as a bear market rally until proven otherwise. The index is still in a confirmed downtrend, and overhead resistance is lurking around 4000 – 4200. This area acted as support in March, but it became resistance when it failed in early May. The tables below serve as a reminder that double-digit rallies are commonplace in bear markets. These bounces can be seductive, lasting for several weeks before eventually rolling over. At this point, the S&P 500 would have to gain about 23% to return to where it started the year at all-time highs. It’s unlikely to make a stand like that without hitting its head on resistance first.
Quote of the Day
“Successful investing is having everyone agree with you… later.”
– Jim Grant
Top Links
Market Stronger First Half July – Almanac Trader
Jeff Hirsch examines how the major averages have historically performed in July.
A Logical Place to Bounce – Means to a Trend
Austin Harrison points out that the weakest sectors have led the recent rebound.
Oppenheimer’s Ari Wald Charts Out Where You Want to Be in the Energy Space – CNBC
Ari Wald shares his thoughts on the Energy sector after its recent correction.
Healthcare as a Leadership Group – All Star Charts
JC Parets points out that the Healthcare sector is showing relative strength.
The Wonkavator – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most noteworthy technical developments to keep an eye on.
Top Tweets
You’re all caught up now. Thanks for reading!